SHARM EL-SHEIKH: The second edition of the Middle East Green Initiative Summit convened leaders from across the world in Egypt on Monday.
Hosted by Saudi Arabia's Crown Prince Mohammed bin Salman, the summit discussed climate challenges facing the region, and updated leaders on progress since the inaugural summit in 2021, while also announcing new programs accelerating climate action.
The crown prince was hosting the summit, being held in tandem with the ongoing COP27 summit in Sharm El-Sheikh, alongside Egyptian president Abdel Fattah El-Sisi.
Prince Mohammed said the Kingdom would contribute $2.5 billion to the green initiative in the Middle East over the next 10 years, and host its headquarters.
The crown prince also said the kingdom's Public Investment Fund would aim for net-zero emissions by 2050.
The Middle East Green Initiative aims to reduce carbon emissions from regional hydrocarbon production by more than 60%.
It also plans to plant 50 billion trees across the Middle East and restore an area equivalent to 200 million hectares of degraded land. The initiative will help reduce global carbon levels by 2.5%.
Saudi Arabia plans to rely on renewables for 50% of its electricity generation by 2030, the prince said, removing 44 million tonnes of carbon emissions by 2035, the prince said.
Saudi Arabia had said last year it aimed to contribute 15% of the $10.4 billion required for the fund's clean energy projects.
- With Reuters
