His Highness Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs and International Cooperation, participated in the 2nd Summit of the Green Initiative for the Middle East (MGI).
The summit is taking place in parallel with the UN COP27 convention, which opened Sunday in Sharm el-Sheikh.
The summit was co-chaired by Egyptian President Abdel-Fattah El-Sisi and His Royal Highness Prince Mohammed bin Salman bin Abdulaziz, Crown Prince and Prime Minister of Saudi Arabia, as well as a number of world leaders; Presidents and Heads of Government of the GGC; Middle East, Africa and foreign partners.
In his opening speech at the MGI Summit, His Royal Highness the Crown Prince of Saudi Arabia said: “If we are to achieve the desired goals of the ambitious Green Initiative in the Middle East, continued regional cooperation and active contributions from member countries are needed to achieve global climate goals and drive implementation commitments under foreign agreements.
He added that consultant MGI’s climate action roadmap has two objectives. The first focuses on reducing emissions and supports regional efforts to reduce emissions through 670 million tons of carbon dioxide equivalent (CO2e). This figure represents the Nationally Determined Contributions (NDCs) of all countries in the region, which represented 10% of global contributions at the time the target was announced.
MGI’s current purpose is to plant 50 billion trees in the region. This ambitious task will rehabilitate two hundred million hectares of degraded land, helping to reduce emissions by 2. 5% compared to existing global levels. The planting of 50 billion trees will combat desertification and reduce dust. and opposes the environmental and socio-economic impacts of land degradation, to which countries in West, Central and South Asia, North Africa and sub-Saharan Africa are vulnerable. The Kingdom is spearheading regional cooperation to achieve the purpose, with the initial governance framework agreed through founding member countries at a ministerial assembly in Riyadh in October 2022, he said.
To boost project implementation to achieve MGI’s goals, His Royal Highness the Crown Prince announced today that Saudi Arabia will identify and host a committed MGI Secretariat and allocate USD 2500 million to MGI’s projects and governance.
His Royal Highness the Crown Prince also announced that Saudi Arabia’s Public Investment Fund (PIF) will aim to succeed in net 0 by 2050, the first sovereign wealth fund in the Middle East and one of the first in the world to achieve so. This will be achieved through investment projects that inspire the green transition and further innovation. This is in line with the Kingdom’s circular carbon economy technique to address action and reinforces the fund’s role as a key player in global efforts to tackle climate challenges.
The summit was attended by Sheikh Shakhboot bin Nahyan bin Mubarak Al Nahyan, Minister of State.
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