To accelerate the implementation of initiatives to achieve the MGI goals, HRH the Crown Prince today announced that Saudi Arabia will establish and host a dedicated MGI Secretariat…reports Asian Lite News
UAE Foreign Minister Sheikh Abdullah bin Zayed Al Nahyan took part in the 2nd Green Middle East Initiative summit (MGI) which held in tandem with UN climate conference COP27.
The Summit was co-chaired by Egyptian President Abdel-Fattah El-Sisi, and Prince Mohammed bin Salman bin Abdulaziz, Saudi Crown Prince and Prime Minister, along with a host of world leaders; Presidents and Heads of Government of GGC; Middle East, Africa and international partners.
In his opening address at the MGI Summit, the Saudi Crown Prince said: “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.
He added that two goals guide the MGI climate action roadmap. The first focuses on emissions reduction and serves to support efforts across the region to reduce emissions by 670 million tons of carbon dioxide equivalent (CO2e). This figure represents the nationally determined contributions (NDCs) from all countries in the region, which represented 10 percent of global contributions at the time the target was announced.
The second goal under MGI is to plant 50 billion trees across the region. This ambitious project will rehabilitate 200 million hectares of degraded land, helping reduce emissions by 2.5 percent of current global levels. Planting 50 billion trees will combat desertification, reduce dust storms and protect against the environmental and socioeconomic impacts of land degradation, something that countries across West, Central and South Asia, North Africa and Sub-Saharan Africa are especially vulnerable to. The Kingdom 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 2022, he indicated.
To accelerate the implementation of initiatives to achieve the MGI goals, HRH the Crown Prince today announced that Saudi Arabia will establish and host a dedicated MGI Secretariat and will allocate US $2.5 billion to support MGI projects and governance.
The Crown Prince also announced that Saudi Arabia’s Public Investment Fund (PIF) 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. This will be achieved by financing projects that support the green transition and encourage further innovation. This is in line with the Kingdom’s Circular Carbon Economy approach to climate action and enhances the fund’s role as a key player in supporting global efforts to address climate challenges.
The Summit was attended by Sheikh Shakhboot bin Nahyan bin Mubarak Al Nahyan, Minister of State.