Saudi Arabia outlines plans under Mideast Green Initiative | Reuters

Saudi Arabia outlines plans under Mideast Green Initiative | Reuters

Delegates pose for a photo during the Summit of the Green Middle East Initiative in Riyadh, Saudi Arabia, 

October 25, 2021. Saudi Green Initiative Media Office/Handout via REUTERS

Saudi Arabia's crown prince launched a Middle East Green Initiative on Monday which he said 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 bin Salman 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 had said it aimed to reduce carbon emissions in the region by 60% and reverse desertification in one of world's most water stressed regions by planting billions of trees.