SHARM EL-SHEIKH: On Monday, Egypt played host to world leaders for the second annual Middle East Green Initiative Summit. The summit, hosted by Saudi Arabia's Crown Prince Mohammed bin Salman, addressed regional climate concerns, provided leaders with an update on progress made since the first conference in 2021, and announced new programmes designed to expedite climate action. Along with Egyptian President Abdel Fattah El-Sisi, the crown prince was hosting the conference in Sharm El-Sheikh as part of the ongoing COP27 summit. The Green Initiative in the Middle East will have its headquarters in the Kingdom of Saudi Arabia, as announced by Prince Mohammed, who pledged $2.5 billion in funding over the next decade.
Additionally, the crown prince stated that by 2050, the Public Investment Fund in the kingdom would be working towards emitting zero net greenhouse gases. The goal of the Middle East Green Initiative is to cut hydrocarbon-related carbon emissions by more than 60%. It also has intentions to repair an area equal to 200 million hectares of degraded land by planting 50 billion trees across the Middle East. As a result of the plan, global carbon levels will drop by 2.5 percent. The prince stated that by 2030, half of Saudi Arabia's electricity would be generated by renewable sources, with 44 million tonnes of carbon emissions eliminated by 2035. Prior to this year, Saudi Arabia pledged $1.5 billion, or 15% of the total needed $10.4 billion, to the fund for sustainable energy initiatives.
