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Saudi Arabia to allocate $2.5B to Middle East Green Initiative

Saudi Arabia to allocate $2.5B to Middle East Green Initiative

Arab Finance: Saudi Crown Prince Mohammed bin Salman announced that the kingdom would allocate $2.5 billion to support the Middle East Green Initiative (MGI), the Saudi Gazette reported on November 7th.

Bin Salman revealed that Saudi Arabia would increase renewable energy usage to 50% of its energy consumption in 2030.

The crown prince noted that the Public Investment Fund (PIF) aimed to achieve the zero-emission goal by 2050.

That goal will be achieved by financing projects supporting green transition and innovation.

Bin Salman opened the second edition of the MGI Summit in Egypt, which was organized in tandem with the United Nations Climate Change Conference (COP27).

 

 

 

 

 

 

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