Saudi Arabia's Crown Prince pledged more than $1bn for new global environmental initiatives 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 Mohamed bin Salman announced two initiatives to fund the "circular carbon economy" and provide "clean fuel" to help feed 750mn people worldwide.
The two initiatives were targeted to cost SR39bn ($10.4bn). Saudi Arabia will contribute 15% 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 750mn 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.
The summit, which also featured the leaders of Qatar and Pakistan, and US climate envoy John Kerry, follows Saturday's Saudi Green Initiative where Prince Mohamed announced a target of net zero carbon emissions by 2060.
On Saturday, Saudi Arabia also said it would join a global effort to cut emissions of methane — another planet-warming gas — by 30% by 2030, while Aramco committed to being a carbon net zero enterprise by 2050.
The United Nations says more than 130 countries have set or are considering a target of reducing greenhouse gas emissions to net zero by mid-century, an objective it says is "imperative" to safeguard a liveable climate.
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