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Saudi Arabia allocates $2.5bn to support Middle East Green Initiative

November 8, 2022 at 1:18 pm

Mohammed Bin Salman, Prime Minister and Crown Prince of Saudi Arabia attends the 2022 United Nations Climate Change Conference, COP27, in Sharm El Sheikh, Egypt on November 07, 2022. [Royal Court of Saudi Arabia/Anadolu Agency]

Saudi Crown Prince Mohammed Bin Salman said yesterday that the kingdom will contribute $2.5 billion in support of the Middle East Green Initiative over the next ten years.

Bin Salman’s remarks came during the COP27 climate summit being held in the Egyptian coastal resort of Sharm El-Sheikh.

The de facto ruler of Saudi Arabia also said that Riyadh will host the headquarters of the Middle East Green Initiative.

He noted that Riyadh aspires to coordinate efforts to implement plans and confront common challenges, according to the Saudi news channel Al-Ekhbariya.

Bin Salman added that the kingdom aims to plant ten billion trees and increase the number of land and marine conservation areas to 30 per cent of the total national area.

He also said Saudi will rely on renewable energy to produce 50 per cent of its electricity in 2030.

READ: Saudi Crown Prince to attend Mid-East Green Summit in Egypt