‘Middle East Green Initiative’ Aims to Launch Projects in Multiple Countries by 2025

A group photo of participants at the Jeddah meeting, which approved the membership of 10 countries (Ministry of Environment)
A group photo of participants at the Jeddah meeting, which approved the membership of 10 countries (Ministry of Environment)
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‘Middle East Green Initiative’ Aims to Launch Projects in Multiple Countries by 2025

A group photo of participants at the Jeddah meeting, which approved the membership of 10 countries (Ministry of Environment)
A group photo of participants at the Jeddah meeting, which approved the membership of 10 countries (Ministry of Environment)

Dr. Osama Faqih, head of the executive committee for the “Middle East Green Initiative,” announced plans to launch several qualifying projects in member countries by the end of 2025.

He also stated that the initiative will establish a secretariat and outlined specific criteria for selecting the Secretary-General, who will be approved by the executive committee and the ministerial council.

Faqih outlined the implementation phases of the initiative, starting with a founding team of 16 regional countries and an executive committee of 20 founding states. This committee will establish the governance for the initiative, as projects will be based in member countries.

Speaking to Asharq Al-Awsat, Faqih explained that funding will come from regional and international countries, the private sector, and various financial institutions, according to the initiative’s charter.

He noted that Crown Prince Mohammed bin Salman announced a donation during the second summit of the Middle East Initiative in Sharm El Sheikh, Egypt, held alongside the Climate Conference. The secretariat will be located in Riyadh.

Membership in the initiative is divided into two categories: regional countries, which include Central and Southwestern Asia, North Africa, and sub-Saharan Africa, can host projects and contribute to achieving the initiative's goals. Non-regional countries can also join to support financial and technical funding.

The initiative prioritizes land rehabilitation, with Faqih highlighting the global challenges of land degradation and desertification.

He noted that over 99% of the world’s calories and about 95% of food come from land, making these issues critical for food security. The initiative aims to rehabilitate 200 million hectares of land in member countries, providing significant environmental, economic, and social benefits, such as carbon storage, vegetation growth, food security, and social welfare.

Faqih’s comments followed the first session of the ministerial council for the “Middle East Green Initiative,” held in Jeddah, Saudi Arabia.

The council welcomed ten regional countries and one non-regional country, the United Kingdom, as an observer.

They also set ambitious national policies and targets for vegetation development, agreeing on a governance structure that includes 32 elements covering the organizational framework, secretariat, project types, submission mechanisms, evaluation criteria, and funding processes.

Saudi Minister of Environment, Water, and Agriculture Abdulrahman Al-Fadley, who chaired the session, emphasized the need for regional cooperation to enhance vegetation development and address environmental challenges, particularly desertification and limited greenery in the region.

He indicated that the meeting marks a shift to the implementation phase, urging all member countries, both regional and non-regional, to join and actively participate in the initiative and its trust fund.



Oil Steadies after Fall as Middle East Uncertainty Persists

A pumpjack brings oil to the surface in the Monterey Shale, California, US April 29, 2013. REUTERS/Lucy Nicholson/File Photo
A pumpjack brings oil to the surface in the Monterey Shale, California, US April 29, 2013. REUTERS/Lucy Nicholson/File Photo
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Oil Steadies after Fall as Middle East Uncertainty Persists

A pumpjack brings oil to the surface in the Monterey Shale, California, US April 29, 2013. REUTERS/Lucy Nicholson/File Photo
A pumpjack brings oil to the surface in the Monterey Shale, California, US April 29, 2013. REUTERS/Lucy Nicholson/File Photo

Oil steadied on Wednesday, supported by OPEC+ cuts and uncertainty over what may happen next in the Middle East conflict, although an outlook for ample supply next year added downward pressure.

Crude fell more than 4% to a near two-week low on Tuesday in response to a weaker demand outlook and after a media report said Israel would not strike Iranian nuclear and oil sites, easing fears of supply disruptions.

Brent crude oil futures were down 33 cents, or 0.4%, at $73.92 a barrel by 1110 GMT. US West Texas Intermediate crude futures lost 38 cents, or 0.5%, to $70.20, according to Reuters.

Still, concern about an escalation in the conflict between Israel and Iran-backed militant group Hezbollah persists. OPEC+ supply curbs remain in place until December when some members are scheduled to start unwinding one layer of cuts.

"We would be somewhat surprised if the geopolitical risk premium has disappeared for the time being," said Norbert Ruecker of Julius Baer.

"We see the market heading towards a supply surplus by 2025," he added.

On the demand side, the Organization of the Petroleum Exporting Countries and the International Energy Agency this week cut their 2024 global oil demand growth forecasts, with China accounting for the bulk of the downgrades.

Economic stimulus in China has failed to give oil prices much support. China may raise an additional 6 trillion yuan ($850 billion) from special treasury bonds over three years to stimulate a sagging economy, local media reported.

"Monetary and fiscal efforts to revive the Chinese economy are proving a damp squib," said Tamas Varga at oil broker PVM.

Coming up is the latest US oil inventory data. The American Petroleum Institute's report is due later on Wednesday, followed by the government's figures on Thursday. Both reports are published a day later than normal following a federal holiday.

Analysts polled by Reuters expected crude stockpiles rose by about 1.8 million barrels in the week to Oct. 11.