$2.5b pledge firms up Mideast green quest

Saudis' support comes as region's leaders reaffirm climate commitment

Leaders from the Middle East and North Africa have reaffirmed their commitment to taking climate action, which involves doubling down on the reduction of emissions and a $2.5 billion pledge from Saudi Arabia in the years to come.

This happened at the second edition of the Middle East Green Initiative Summit in Sharm El-Sheikh, Egypt, held simultaneously with COP 27 on Monday.

Saudi Arabian Crown Prince and Prime Minister Mohammed bin Salman Al Saud led the summit, and announced the establishment of a dedicated MGI secretariat and the allocation of $2.5 billion to support MGI projects and governance, as well as to accelerate the implementation of initiatives to achieve the goals.

"If we are to achieve the desired objectives of the ambitious Middle East Green Initiative, continued regional cooperation and active contributions by member countries are needed to achieve global climate goals and accelerate the implementation commitments as part of international agreements," Prince Mohammed said in his address at the MGI Summit.

Two goals will guide the MGI climate action road map. The first focuses on emissions reduction and serves to support efforts across the region to reduce emissions equivalent to 670 million metric tons of carbon dioxide.

This figure, he said, represents the nationally determined contributions from all countries in the region, which represented 10 percent of global contributions at the time the target was announced.

While implementing the circular carbon economy approach, Saudi Arabia will deploy one of the largest carbon capture, usage and storage hubs in the world.

Second goal

In the second goal under the MGI, the planting of 50 billion trees across the region will be carried out to rehabilitate 200 million hectares of degraded land, with a goal to slash emissions by 2.5 percent of current global levels.

The trees are expected to combat desertification, reduce dust storms and offer protection against the environmental and socioeconomic impacts of land degradation in the region.

Saudi Arabia is spearheading regional cooperation to achieve the target, with the initial governance framework agreed by founding member countries during a ministerial meeting in Riyadh in October.

The prince also announced that Saudi Arabia's Public Investment Fund "will aim to reach net zero by 2050", the first sovereign wealth fund in the Middle East and one of the first globally to do so.

In his speech, Egyptian President Abdel Fattah al-Sisi encouraged Arab countries to seize the opportunities for technical and financial collaboration presented by the initiative.

He also praised the efforts by the prince in creating a collaborative environment for Arab nations to combat climate change, Arab News reported.

"It is great news that we now speak about enablers, like finance, that support the implementation of this initiative," said Aisha Al-Sarihi, climate policy expert and research fellow at the National University of Singapore's Middle East Institute.

The MGI Summit is the first strategic regional platform designed to accelerate the region's green transition, stimulate economic development and build a more sustainable future.