Saudi Arabia’s Crown Prince launched a Middle East Green Initiative on Monday which he said aimed to secure 39 billion riyals ($10.4 billion) for an investment fund and clean energy project as part of efforts to reduce regional carbon emissions. The Crown Prince said that the kingdom would contribute 15% of the funds and would work with other states and development funds on funding initiatives. When this Green Initiative plan was first announced in March, the Prince said it aimed to reduce carbon emissions in the region’s hydrocarbon industry by 60% and reverse desertification in one of the world’s most water-stressed regions by planting billions of trees. Prince Mohammed bin Salman also pledged that Saudi Arabia would reach “net zero” emissions by 2060.
- Middle East Green Initiative to invest $10 bln, Saudi crown prince says