Crown Prince Mohammed bin Salman said that Saudi Arabia will invest 2.5 billion dollars in the Middle East Green Initiative in the next 10 years, and will set its headquarters in Saudi Arabia. In Sharm el Sheikh, Egypt, the Crown Prince said that the public investment fund of the sovereign wealth fund of the Kingdom of Saudi Arabia would also be committed to achieving zero net carbon emissions by 2050. World leaders gathered to participate in the COP27 Climate Change Conference.

The Middle East Green Initiative, launched by the Crown Prince, aims to reduce the carbon emissions from hydrocarbon production in the region by more than 60%. It also plans to plant 50 billion trees in the Middle East and restore an area equivalent to 200 million hectares of degraded land. The initiative will reduce global carbon levels by 2.5 per cent. The Crown Prince said that Saudi Arabia plans to rely on 50% of renewable energy power generation by 2030 and reduce 44 million tons of carbon emissions by 2035.

Through concerted regional efforts, the Initiative aims to support the efforts and cooperation of the region to reduce emissions and eliminate more than 670 million tons of carbon dioxide equivalent. This is the national independent contribution of all countries in the region, accounting for 10% of the global contribution when the Initiative was announced. Achieving the desired goals of the Middle East Green Initiative requires regional cooperation and effective contributions from member States. At the last Summit, several initiatives were launched to eliminate emissions from afforestation. The regional climate change centre and the cloud seeding programme are part of these initiatives. Keywords: overseas news, engineering news

The Crown Prince said that the public investment fund will become one of the first sovereign funds in the world and the first sovereign fund in the Middle East to achieve net zero greenhouse gas emissions by 2050, demonstrating its role as a key participant in supporting the global efforts to tackle climate change. Saudi Arabia stated in 2021 that its goal was to contribute 15 per cent of the $10.4 billion needed for the Fund's clean energy projects.Editor/Xing Wentao