KSA: Saudi commits $2.5 billion to Middle East green initiative – Gulf Digital News

KSA: Saudi commits $2.5 billion to Middle East green initiative – Gulf Digital News

Saudi Arabia has said it will contribute $2.5 billion to a green initiative in the Middle East over the next 10 years, and host its headquarters.

The Middle East Green Initiative was launched by Saudi Crown Prince and Prime Minister Mohammed bin Salman bin Abdulaziz Al Saud last year as part of efforts to reduce regional carbon emissions.

The Saudi leader was speaking yesterday as he hosted the second edition of Middle East Green Initiative Summit on the sidelines of the 2022 United Nations Climate Change Conference (COP27), held in Sharm El Sheikh, Egypt.

His Royal Highness Prince Salman bin Hamad Al Khalifa, Crown Prince and Prime Minister, took part in the summit.

World leaders and diplomats framed the fight against global warming as a battle for human survival during opening speeches at the COP27 climate summit, with the head of the United Nations declaring a lack of progress so far had the world speeding down a ‘highway to hell’.

While launching the initiative, Saudi Arabia had said last year it aimed to contribute 15 per cent of the $10.4bn required for the fund’s clean energy projects.

The Saudi Crown Prince and Prime Minister also said the kingdom’s Public Investment Fund, would aim for net-zero emissions