Saudi Crown Prince announces US$ 2.5 billion support for Green Middle East Initiative – Egypt Independent | CPT PPP Coverage
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Saudi Crown Prince announces US$ 2.5 billion support for Green Middle East Initiative – Egypt Independent appeared on egyptindependent.com by Egypt Independent.
Saudi Crown Prince Mohamme bin Salman said that his country has decided to support the projects of the Green Middle East Initiative with US$ 2.5 billion over the next ten years.
The Saudi Crown Prince’s statements came during his participation in the “Green Middle East Initiative” summit.
These events happened on Monday, on the sidelines of the World Climate Summit (COP27) on climate change, in the Red Sea resort city of Sharm el-Sheikh.
In his speech, attended by leaders and representatives of countries in the Middle East, the Saudi Crown Prince announced that the Kingdom of Saudi Arabia will host the initiative’s headquarters.
He also finally noted of the formation of a regional center on climate change.
He continued, “We have supported the projects of the Green Middle East Initiative with an amount of US$ 2.5 billion.”
Prince Mohammed bin Salman said that Saudi Arabia seeks to achieve carbon neutrality in 2050.
He also pointed out that the Kingdom is working on renewable energy representing 50 percent of electricity consumption in 2030.
For his part, Egyptian President Abdel Fattah al-Sisi said that countries joining the Green Middle East Initiative aims to address the climate problem, adding: “We seek to provide mechanisms and means of implementation to adapt to climate change.”
Sisi said that the Green Middle East Initiative is evidence of the serious interest in adapting to climate change.
The president also said that his country has achieved tangible successes in the sustainable management of water resources in Egypt.
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