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  • 08-11-22

    Crown Prince: Saudi Arabia to fund USD2.5B to Middle East green initiative

    (MENAFN) Saudi Arabia is going to fund USD2.5 billion to the Middle East Green Initiative throughout the upcoming 10 years and hold its headquarters in the nation, Crown Prince Mohammed bin Salman stated on Monday.

    The nation’s sovereign wealth support, the Public Investment Fund, is going to target for net-zero carbon emissions by 2050 as well, the crown prince stated in Sharm El-Sheikh in Egypt, as world presidents met for the COP27 climate change meeting.

    The Middle East Green Initiative was started by the crown prince in 2021 with the target of cutting carbon emissions from local hydrocarbon output by higher than 60 percent.

    The crown prince stated that “With concerted regional efforts, the initiative seeks to support the efforts and cooperation of the region to reduce emissions and remove more than 670 million tons of carbon dioxide equivalent, which is the amount of nationally determined contributions of all countries of the region, and represents 10 percent of global contributions when the initiative was announced.”

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