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Saudi Arabia Steps up ‘Climate Battle’ Efforts

Saudi Arabia Steps up ‘Climate Battle’ Efforts

Saturday, 19 November, 2022 - 10:15
Part of the audience in the Saudi pavilion at the COP27 conference (Asharq Al-Awsat)

The Saudi pavilion at COP27 was one of the most crowded places during the days of the conference in Sharm el-Sheikh.

Visitors did not only attend seminars and discussion sessions, they also met researchers who have introduced programs directed to combating climate change to light.

While Energy Minister Prince Abdulaziz bin Salman was active in leading the Saudi delegation during the days of his presence, which witnessed the launch of many Saudi-sponsored initiatives to confront climate change, researchers enriched the sessions with a lot of technical information on the nature and details of the initiatives.

During the summit, Prince Abdulaziz referred to many initiatives and concepts.

Those initiatives included the establishment of a regional center for the development of reducing emissions, and the launching of the Circular Carbon Economy Knowledge Hub at the beginning of 2023.

He also stressed the need to consolidate the circular carbon economy.

For his part, the Governor of the Public Investment Fund (PIF) and Chairman of Saudi Aramco, Yasir Al Rumayyan, said that Saudi Arabia’s Middle East Green Initiative (MGI) is a turning point in environmental efforts aiming to transition national ambitions into practical steps that affect the entire world.

Al Rumayyan underlined the great efforts being made by the Kingdom to build a green future, as part of its ambitions for carbon neutrality by 2060.

The Voluntary Carbon Market (VCM) Initiative was the first of its kind in the MENA region, Al Rumayyan said during the Saudi Green Initiative Forum.

The world’s largest-ever carbon credit auction took place last month, when 1.4 million tons of carbon credits were sold to 15 Saudi and regional entities. The PIF was also the first sovereign wealth fund to issue a 100-year tranche green bond, Al Rumayyan added.

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