The crown prince announced at the COP27 climate change summit in Sharm El-Sheikh, Egypt, that the Public Investment Fund will aim for net-zero carbon emissions by 2050. The crown prince created the Middle East Green Initiative last year to cut hydrocarbon output carbon emissions by more than 60%. It seeks to plant 50 billion trees in the Middle East and restore 200 million hectares of degraded land to reduce world carbon levels by 2.5 percent.
“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,” the crown prince stated.
The crown prince announced the Saudi Green Initiative to reduce emissions. A circular carbon economy approach and other initiatives were used to cut emissions by around 270 million tonnes of carbon dioxide equivalent by 2030. The crown prince said the Public Investment Fund will be one of the first sovereign funds internationally and the first in the Middle East to attain greenhouse net-zero by 2050, proving its contribution in global climate change efforts. Saudi Arabia pledged 15% of the fund's clean energy projects' $10.4 billion last year.
