Saudi Pledges More Than $1 Bn In 'green Era' Initiatives

Riyadh, (UrduPoint / Pakistan Point News - 25th Oct, 2021 ) :Saudi Arabia's de facto ruler pledged more than $1 billion for new global environmental initiatives on Monday, taking further steps to bolster the green credentials of the world's top oil exporter.

Two days after targeting carbon neutrality by 2060, and ahead of next week's COP26 global climate change summit, Crown Prince Mohammed bin Salman announced two initiatives to fund the "circular carbon economy" and provide "clean fuel" to help feed 750 million people worldwide.

The two initiatives were targeted to cost 39 billion Riyals ($10.4 billion). Saudi Arabia will contribute 15 percent and seek the remainder from regional funds and other countries, Prince Mohammed said.

"Today we are initiating a green era for the area, believing that these changes are not only for the environment but also for the economy and security," he told heads of state and other senior officials at the middle East Green Initiative Summit in Riyadh.

"We will work on establishing an investment fund in solutions with circular carbon technology in the region and a global initiative which will supply solutions for clean fuel to provide food for more than 750 million people globally."The "circular carbon economy" is a concept promoted by the Saudis which aims to remove and store carbon for reuse in other products.