Saudi Press

Saudi Arabia and the world
Sunday, Jun 01, 2025

Saudi Arabia pledges more than $1 billion in new climate initiatives

Saudi Arabia pledges more than $1 billion in new climate initiatives

Saudi crown prince announced two initiatives to fund the “circular carbon economy” and provide “clean fuel” to help feed people worldwide.

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 Mohammed bin Salman bin Abdulaziz 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.

“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 750 million 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.

‘Biggest market opportunity’


US President Joe Biden’s climate envoy, John Kerry, endorsed the Saudi plan and said the shift to cleaner energy was the “biggest market opportunity the world has ever known.”

“The winners are going to be the people that get into that market and I think that is something the crown prince has understood,” he told the gathering.

The summit, which also included the leaders of Qatar and Pakistan , follows Saturday’s Saudi Green Initiative where Prince Mohammed 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 percent 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.

Saudi Arabia, the largest crude producer in the Organisation of the Petroleum Exporting Countries (OPEC), also draws heavily on oil and natural gas to meet its growing power demands and desalinate its water.

The desert kingdom, population 34 million, is estimated to belch about 600 million tonnes of carbon dioxide per year, more than France (population 67 million) and slightly less than Germany (population 83 million).

Carbon neutrality is a balance between emitting carbon and absorbing carbon from the atmosphere.

According to the UN, the circular carbon economy is essential to achieving the world’s climate goals. It involves avoiding excessive consumption, waste and use of fossil fuels by leasing, reusing, repairing and recycling existing materials and products.

Mideast Green Initiative


The Saudi crown prince on Monday said the Middle East Green Initiative aimed to secure 39 billion riyals ($10.4 billion) for an investment fund and clean energy project as part of efforts to reduce regional carbon emissions.

Crown Prince Mohammed said the kingdom, which is the world’s top oil exporter, would contribute 15% of the funds and would work with other states and development funds on the funding and execution of the initiatives.

“As part of the kingdom’s leading role in developing energy markets, it will work to establish an investment fund for carbon circular economy solutions in the region and an initiative to offer clean energy solutions to help feed more than 750 million people worldwide,” he said.

When plans for the Middle East Green Initiative were first announced in March, the prince said it aimed to reduce carbon emissions in the region’s hydrocarbon industry by 60% and reverse desertification in one of world’s most water-stressed regions by planting billions of trees.

No investment figure was provided for the Middle East Green Initiative. Saudi Arabia has said its own Saudi Green Initiative programme would involve investments of over 700 billion riyals ($190 billion) by 2030.

On Saturday, Prince Mohammed pledged that Saudi Arabia would reach “net zero” emissions by 2060. Fellow Gulf state Bahrain has pledged the same and the United Arab Emirates has said it would do so by 2050.

Emissions are mostly produced by burning fossil fuels, so achieving net zero means a country emits no more greenhouse gases than it can capture or absorb.

Saudi Arabia would help create the necessary infrastructure by working to establish a regional carbon capture and storage centre, a regional early storm warning centre, a regional cloud seeding programme and a hub for climate change, Prince Mohammed said on Monday.

Wealthy Gulf OPEC members like Saudi Arabia and the UAE are investing in renewable and clean energy while also stressing the continued importance of hydrocarbons for global energy security at a time of growing calls for a shift away from fossil fuels.

Gulf states, whose economies still rely heavily on oil income, have also increased focus on food security in a region heavily reliant on imports.

Newsletter

Related Articles

Saudi Press
0:00
0:00
Close
OPEC+ Agrees to Increase Oil Output for Third Consecutive Month
Turkey Detains Istanbul Officials Amid Anti-Corruption Crackdown
Meta and Anduril Collaborate on AI-Driven Military Augmented Reality Systems
EU Central Bank Pushes to Replace US Dollar with Euro as World’s Main Currency
European and Arab Ministers Convene in Madrid to Address Gaza Conflict
U.S. Health Secretary Ends Select COVID-19 Vaccine Recommendations
Trump Warns Putin Is 'Playing with Fire' Amid Escalating Ukraine Conflict
India and Pakistan Engage Trump-Linked Lobbyists to Influence U.S. Policy
U.S. Halts New Student Visa Interviews Amid Enhanced Security Measures
Trump Administration Cancels $100 Million in Federal Contracts with Harvard
SpaceX Starship Test Flight Ends in Failure, Mars Mission Timeline Uncertain
King Charles Affirms Canadian Sovereignty Amid U.S. Statehood Pressure
Iranian Revolutionary Guard Founder Warns Against Trusting Regime in Nuclear Talks
UAE Offers Free ChatGPT Plus Subscriptions to Citizens
Lebanon Initiates Plan to Disarm Palestinian Factions
Iran and U.S. Make Limited Progress in Nuclear Talks
The Daily Debate: The Fall of the Dollar — Strategic Reset or Economic Self-Destruction?
Trump Administration's Tariff Policies and Dollar Strategy Spark Global Economic Debate
OpenAI Acquires Jony Ive’s Startup for $6.5 Billion to Build a Revolutionary “Third Core Device”
Turkey Weighs Citizens in Public as Erdoğan Launches National Slimming Campaign
Saudi-Spanish Business Forum Commences in Riyadh
Saudi Arabia and Spain Sign MoU to Boost SME Sectors
UK Suspends Trade Talks with Israel Amid Gaza Offensive
Iran and U.S. Set for Fifth Round of Nuclear Talks Amid Rising Tensions
Russia Expands Military Presence Near Finland Amid Rising Tensions
Indian Scholar Arrested in Crackdown Over Pakistan Conflict Commentary
Israel Eases Gaza Blockade Amid Internal Dispute Over Military Strategy
President Biden’s announcement of advanced prostate cancer sparked public sympathy—but behind closed doors, Democrats are in panic
A Chinese company made solar tiles that look way nicer than regular panels!
Indian jet shootdown: the all-robot legion behind China’s PL-15E missiles
The Chinese Dragon: The True Winner in the India-Pakistan Clash
Australia's Venomous Creatures Contribute to Life-Saving Antivenom Programme
The Spanish Were Right: Long Working Hours Harm Brain Function
Did Former FBI Director Call for Violence Against Trump? Instagram Post Sparks Uproar
US and UAE Partner to Develop Massive AI Data Center Complex
Apple's $95 Million Siri Settlement: Eligible Users Have Until July 2 to File Claims
US and UAE Reach Preliminary Agreement on Nvidia AI Chip Imports
President Trump and Elon Musk Welcomed by Emir of Qatar Sheikh Tamim with Cybertruck Convoy
Strong Warning Issued: Do Not Use General Chatbots for Medical, Legal, or Educational Guidance
Saudi Arabia Emerges as Global Tech Magnet with U.S. Backing and Trump’s Visit
This was President's departure from Saudi Arabia. The Crown Prince personally escorted him back to the airport.
NVIDIA and Saudi Arabia Launch Strategic Partnership to Establish AI Centers
Trump Meets Syrian President Ahmad al-Shara in Historic Encounter
Trump takes a blow torch to the neocons and interventionists while speaking to the Saudis
US and Saudi Arabia Sign Landmark Agreements Across Multiple Sectors
Why Saudi Arabia Rolled Out a Purple Carpet for Donald Trump Instead of Red
Elon Musk Joins Trump Meeting in Saudi Arabia
Trump says it would be 'stupid' not to accept gift of Qatari plane
Quantum Computing Threatens Bitcoin Security
Michael Jordan to Serve as Analyst for NBA Games
×