Saudi Crown Prince Mohammed bin Salman announced today, during the opening of the Green Middle East Initiative Summit, the establishment of a cooperation platform to implement the concept of circular carbon economy. In his speech at the summit held in Riyadh, he mentioned the launch of two climate initiatives worth 39 billion riyals, with Saudi Arabia contributing 15% of the total.
The Crown Prince also announced the establishment of the Green Initiative Foundation as a nonprofit organization to support future summit activities, alongside the creation of a regional cloud seeding program and a regional center for sustainable fisheries development, as well as a regional storm early warning center.
He emphasized the importance of establishing a cooperation platform for the implementation of the circular carbon economy and highlighted the necessity of addressing gaps in the climate action framework in the region. Prince Mohammed bin Salman stated, "We gather today at this summit to coordinate efforts towards environmental protection and addressing climate change, and to set a roadmap to reduce carbon emissions in the region by more than 10% of global contributions, and to plant 50 billion trees in the region as part of what would be the largest tree-planting program in the world, contributing to achieving 5% of the global afforestation target. Our goal today is to work together at this summit to develop a regional roadmap and methodology to enable these ambitious objectives."
The Crown Prince pointed out that Saudi Arabia believes that traditional energy sources were among the key reasons for transitioning countries in the region and the world from traditional economies to globally active economies, being the main driver of the fastest economic growth ever witnessed by humanity.
He added, "Today we are inaugurating a new green era for the region, which we will lead and reap its benefits together, believing that the effects of climate change do not only affect the natural environment but also the economy and security. Nonetheless, we recognize that climate change presents an economic opportunity for individuals and the private sector, which will be stimulated by the Green Middle East Initiative, creating quality jobs and enhancing innovation in the region. There are gaps in the climate action framework in the region, and through coordinating regional efforts and sharing experiences and technologies, we can achieve rapid progress in our initiatives."
To enable this, the Crown Prince announced that the Kingdom will work on establishing a cooperation platform to apply the circular carbon economy concept, creating a regional climate change center, and establishing a regional complex for carbon capture, utilization, and storage. Furthermore, a regional early warning center for storms and a regional center for sustainable fisheries development will be established, along with a regional cloud seeding program. These centers and programs will play a significant role in preparing the necessary infrastructure to protect the environment, reduce emissions, and enhance regional coordination.
Prince Mohammed bin Salman clarified that the Kingdom will establish a fund to invest in solutions for circular carbon economy technologies in the region, along with a global initiative that contributes to providing clean fuel solutions to feed more than 750 million people worldwide. The total investment in these initiatives amounts to approximately 39 billion riyals, with the Kingdom contributing about 15% of the funding. The Kingdom will collaborate with countries and regional and international development funds to explore financing and implementing these initiatives.
In order to enhance coordination, the Crown Prince announced the establishment of the Green Initiative Foundation as a nonprofit organization to support the summit's activities.
In his speech, the Crown Prince of Kuwait, Sheikh Mishal Al-Ahmad Al-Jaber Al-Sabah, expressed Kuwait's support for international efforts to combat climate change, warning that ongoing climate change would lead to more disasters. Jordan's Crown Prince Hussein bin Abdullah II stated, "We see hope in the green projects launched by Saudi Arabia, and the educational system should be developed to combat climate change." Algerian Prime Minister Ayman Ben Abderrahmane affirmed that his country supports Saudi Arabia’s initiative to create a common vision to combat climate change.
