International
Saudi Arabia sets up a US$10.4 billion energy fund
Seetao 2021-10-26 11:01
  • The focus of Saudi Arabia's establishment of the fund is to tackle climate change
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After committing to achieve net zero emissions by 2060, Saudi Arabia plans to establish an investment fund focused on a circular carbon economy and environmental protection. The world’s largest oil exporter is committed to funding clean energy and sustainable technologies for cooking under the Green Initiative Foundation. Crown Prince Mohammed bin Salman said at an environmental forum in Riyadh: "We will establish a circular carbon economy investment fund and an international economic initiative to provide food for more than 750 million people in the world through an initiative." The total investment in the initiative is estimated at 39 billion riyals ($10.4 billion), of which Saudi Arabia contributed about 15% of the financing.

Energy Response Fund

We will work with regional and international digital to find ways to implement these initiatives. In order to improve the level of coordination, we will announce the establishment of the Green Initiative Foundation to support our future mission. "In addition to committing to achieving net zero emissions by 2060, the country also plans to more than double its target of reducing annual carbon emissions to 278 million tons by 2030. This is an increase from the previous target of 130 million tons.

The crown prince emphasized the “ecosystem gap” that needs regional cooperation to resolve. All in all, in order to deal with climate change, we need to create an environment to protect our natural resources in the region and strengthen our cooperation to achieve this goal. Crown Prince Mohammed said at the forum: “We believe that climate change is also an opportunity for the private sector. The initiative should create jobs and high-quality jobs.” The Kingdom’s green initiative represents more than 700 billion Saudi Riyals. (186.6 billion US dollars) investment will create major opportunities for the private sector, create more jobs and develop a green economy. Keywords: engineering news, engineering construction

SGI’s announcement was made before the important UN Climate Change Conference of the Parties, or Cop26, to be held in Glasgow from October 31 to November 12, 2021. In the context of increasing threats from climate change. Saudi Arabia became the second Gulf country to announce a net zero emission target after the UAE. (For reprinting, please indicate to see www.seetao.com) See Tao Network Engineering Column Editor/Xing Wentao

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