The Kingdom of Saudi Arabia has made tall pledges as part of its commitment to fighting climate change, including the allocation of $2.5 billion and planting 50 billion trees.
These were announced during the Middle East Green Initiative (MGI) and Saudi Green Initiative (SGI) forums held at COP27 in Egypt last month and attended by HRH Mohammed bin Salman, Crown Prince and Prime Minister of Saudi Arabia, and other regional and global leaders
At the MGI Summit, the Crown Prince said: “If we are to achieve the desired objectives of the ambitious Middle East Green Initiative, continued regional cooperation and active contributions by member countries are needed to achieve global climate goals and accelerate the implementation commitments as part of international agreements.”
The summit reiterated its collective pledge to reduce emissions by 670 million tons of carbon dioxide equivalent (CO2e) in the entire region.
The Crown Prince also announced the deployment of one of the largest carbon capture, usage and storage (CCUS) hubs in the world. This will capture 44 million tons of CO2e, equivalent to 15 per cent of the Kingdom's current nationally determined contributions (NDCs), by 2035.
Saudi Arabia has scaled up its NDC, committing to reduce 278 mtpa of CO2e by 2030 as part of its national emission reduction targets, and the implementation of the Circular carbon economy approach.
Planting 50 billion trees will combat desertification, reduce dust storms and protect against the environmental and socioeconomic impacts of land degradation, something that countries across West, Central and South Asia, North Africa and Sub-Saharan Africa are especially vulnerable to.
This ambitious project will rehabilitate 200 million hectares of degraded land, helping reduce emissions by 2.5 per cent of current global levels.
The Kingdom is spearheading regional cooperation to achieve the target, with the initial governance framework agreed by founding member countries during a ministerial meeting in Riyadh in October 2022.
The Crown Prince also announced that Saudi Arabia’s Public Investment Fund (PIF) will aim to reach net-zero by 2050, making it the first sovereign wealth fund in the Middle East and one of the first globally to do so.
In October, Saudi Arabia’s Voluntary Carbon Market Initiative, the first of its kind in the Mena region, saw the largest carbon credit auction in the world.
About 1.4 million tons of carbon credit offset certificates were sold to 15 Saudi and regional entities. Additionally, the first ever green bond by a sovereign wealth fund and also the first century green bond in history was issued.
Meanwhile, other key announcements at the SGI forum included the launch of the Circular Carbon Economy Knowledge Hub, a regional center to advance emissions reductions, and the hosting of the MENA Climate Week 2023.