RIYADH: Saudi Arabia’s Crown Prince Mohammed bin Salman announced the establishment of the Green Initiative Foundation as a non-profit organization to support the work of the summit in the future at the Middle East Green Initiative on Monday.
The Crown Prince announced two climate initiatives worth SR39 billion ($10.39 billion), of which Saudi Arabia will contribute 15 percent, and the establishment of two regional centers for early warning of storms and the sustainable development of fisheries.
“Today we are inaugurating a new green era for the region, believing that the impact is not limited to the environment only, but also to the economy and security,” he said.
The Crown Prince also announced that it will establish a cooperation platform to implement the concept of a circular carbon economy and establish a regional center for climate change.
“These centers and programs will have a major role in creating the necessary infrastructure to protect the environment, reduce emissions, and raise the level of regional coordination,” he said.
As an extension of the Kingdom’s pioneering role in developing energy markets, the Crown Prince said the Kingdom will work to establish a fund to invest in solutions for circular carbon economy technologies in the region.
“In order to raise the level of coordination, we announce the establishment of the Green Initiative Foundation as a non-profit organization to support the work of the summit in the future.”