KSA takes lead in $250b climate change drive

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Dubai

Saudi Arabia has committed to play a key role in the development of renewable fuel sources and clean energy technology.

The Kingdom will join a core group of 23 nations and international bodies that signed up for an initiative called Mission Innovation 2.0 during an event in the Chilean capital Santiago.

The group is expected to inject $250 billion of investment into renewable energy innovation over the next decade.

Saudi Energy Minister Prince Abdul Aziz bin Salman told the virtual event: “Saudi Arabia is committed to promote technologies and solutions that address greenhouse gas emissions under the Circular Carbon Economy platform through accelerating research, development, deployment and dissemination of such technology.”

The pledge is just the latest Saudi move into the key area of renewables and technology in the campaign to achieve climate change targets under the Paris Agreement.

Earlier this year, the Kingdom announced its “Saudi Green” plan, under which 50 percent of domestic energy would be produced from renewable energy sources by 2030 and 10 billion trees would be planted in the country to help mitigate carbon emissions in the atmosphere.

Saudi Arabia has also signed an agreement with Germany to collaborate on the production and transportation of “green hydrogen,” which some experts regard as the “fuel of the future” to eventually replace fossil fuels.

Last week, Prince Abdul Aziz told a meeting of the OPEC+ oil alliance that the Kingdom had a head start in renewable fuels and would push forward with its climate change plans, while continuing to pursue cleaner and more efficient methods of hydrocarbon use.—AN