Saudi Arabia Commits $2.5 Bln to Middle East Green Initiative - Crown Prince

Saudi Crown Prince Mohammed bin Salman speaks during the Future Investment Initiative Forum in Riyadh, Saudi Arabia October 24, 2018. Bandar Algaloud/Courtesy of Saudi Royal Court/Handout via REUTERS

Saudi Arabia's Crown Prince Mohammed bin Salman said on Monday the kingdom would contribute $2.5 billion to a green initiative in the Middle East over the next 10 years, and host its headquarters.

The Middle East Green Initiative was launched by the crown prince last year as part of efforts to reduce regional carbon emissions.

Saudi Arabia had said last year it aimed to contribute 15% of the $10.4 billion required for the fund's clean energy projects.

The crown prince, known as MbS, also said the kingdom's Public Investment Fund, would aim for net-zero emissions by 2050.

The Middle East Green Initiative aims to reduce carbon emissions from regional hydrocarbon production by more than 60%.

It also plans to plant 50 billion trees across the Middle EAst and restore an area equivalent to 200 million hectares of degraded land. The initiative will help reduce global carbon levels by 2.5%.

Saudi Arabia plans to rely on renewables for 50% of its electricity generation by 2030, the prince said, removing 44 million tonnes of carbon emissions by 2035.