Saudi Arabia commits $2.5 billion to Middle East green initiative: Crown Prince Mohammed bin Salman – Times of India


SHARM EL SHEIKH: Crown Prince of Saudi Arabia Mohammed bin Salman said Monday the kingdom would contribute $2.5 billion over the next 10 years to a green initiative in the Middle East, and house its headquarters.
The Middle East Green Initiative was launched by the Crown Prince last year as part of efforts to reduce regional carbon emissions.
Saudi Arabia last year said it wanted to contribute 15% of the $10.4 billion needed for the fund’s clean energy projects.
The Crown Prince, known as MbSalso 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 in 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, reducing 44 million tons of CO2 emissions by 2035.

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