Saudi Arabia’s Crown Prince Mohammed bin Salman announced on Monday that the Kingdom will provide $2.5 billion to the Green Initiative in the Middle East over the next 10 years.
He also said during the second edition of the Green Middle East Initiative meeting held in the Egyptian city of Sharm el-Sheikh, on the sidelines of the COP 27 conference, that Saudi Arabia wants to make 50% of its electricity dependence on renewable energy by 2030.
He added that the kingdom’s Public Investment Fund (PIF), aims to be net neutral by 2050.
Saudi Crown Prince and Egyptian President Abdel Fattah al-Sisi are hosting this year’s Middle East Green Initiative conference.
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The Saudi Prime Minister announced that as part of Saudi Arabia’s national emission reduction goals and the implementation of a circular carbon economy, the Kingdom will deploy one of the largest carbon capture, utilization, and storage (CCUS) facilities in the world.
This will capture 44 million tons of CO2e, which corresponds to 15% of the kingdom’s current NDC, by 2035.
In addition, the Kingdom’s second goal under MGI is to plant 50 billion trees in the region. The ambitious project will rehabilitate 200 million hectares of damaged land, helping to reduce emissions by 2.5% compared to the current world level, according to the SPA news agency.
