Mideast’s $2.5b pledge firms up green quest

SHARM EL SHEIKH: 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.

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 per cent 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 per cent 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.