Saudi pledges more than $1b in climate initiatives
RIYADH, Oct 26: Saudi Arabia pledged more than $1 billion for new environmental initiatives on Monday, as the world's top oil exporter took further steps to bolster its green credentials ahead of next week's COP26 climate summit.
Two days after targeting carbon neutrality by 2060, crown prince and de facto ruler Mohammed bin Salman announced two initiatives to fund the "circular carbon economy" and provide "clean fuel" to help feed 750 million people worldwide.
The projects 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. -AFP