RIYADH: Saudi Arabia's Crown Prince Mohammed bin Salman launched the Middle East Green Initiative (MGI) Summit in Riyadh on Monday and announced two initiatives at a cost of SR39 billion ($10.39 billion) to combat climate change, of which Saudi Arabia will contribute about 15 percent of the entire cost.
Opening the summit, the Crown Prince said the gathering also planned to put a regional roadmap into place for combating climate change.
The Crown Prince said that the Kingdom will be establishing an investment fund for carbon economy solutions in the region, and a global initiative that contributes to clean fuel solutions to feed more than 750 million people worldwide.
The Saudi Crown Prince added that the Kingdom will build a regional program to reduce carbon emissions within the framework of the Green Middle East Initiative, and create a cooperation platform to implement the concept of a circular carbon economy.
Heads of state from around the world are taking part in the MGI Summit, including Prime Minister of Pakistan Imran Khan and Crown Prince of Jordan Hussein bin Abdullah II.
John Kerry, the first Special Envoy for Climate for the US, is also in attendance.