Dubai, December 04, 2023, The 3rd Saudi Green Initiative Forum commenced on Monday, coinciding with the 28th session of the Conference of the Parties to the United Nations Framework Convention on Climate Change (COP28). The forum serves as a vital platform for diverse stakeholders to deliberate and accelerate climate action initiatives.
HRH Prince Mohammed bin Salman bin Abdulaziz Al Saud, the Crown Prince, Prime Minister, and Chairman of the Supreme Committee for Green Saudi Arabia, launched the Saudi Green Initiative (SGI) in 2021. The initiative aims to engage various segments of Saudi society in addressing climate change, promoting sustainable innovation in the green industry, and expediting the nation's transition to a greener future.
Several Saudi officials participated in the forum, discussing the Kingdom's progress towards achieving its ambitious goal of achieving carbon neutrality by 2060. They highlighted over 80 initiatives, representing investments exceeding SAR 705 billion ($188 billion), geared towards building a more sustainable future. The Kingdom is actively working to reduce carbon emissions by 278 million tons annually by 2030, with a target energy mix of 50% natural gas and 50% renewable energy by the same year.
Since 2022, the Kingdom has witnessed the integration of renewable energy projects with a capacity of 2,100 megawatts into the national electricity grid, contributing to a total capacity of 2,800 megawatts. This marks a remarkable 300% increase in total capacity and underscores the Kingdom's commitment to accelerating the transformation process in the energy sector.
Looking ahead, renewable energy projects under construction by the end of 2023 are expected to have a production capacity of over 8GW. Additionally, the Kingdom is actively developing high-efficiency carbon capture and storage plants with a total capacity of 8.4GW.
As part of its commitment to future fuels, the Kingdom is making strides in establishing the world's largest green hydrogen plant in NEOM, with a total investment of $8.4 billion. Bilateral agreements with international companies in 2023 further solidify cooperation in the production and export of clean and green hydrogen.
Since the launch of the Saudi Green Initiative, notable achievements include the planting of 43.9 million trees and the reclamation of 94,000 hectares of degraded land. The initiative aims to plant 10 billion trees over the coming decades, with ongoing efforts to support the phased target of planting over 600 million trees and restoring 8 million hectares of land by 2030.
The Saudi Green Initiative forum, running until the closure of the COP28 Conference on December 12, features an accompanying exhibition open to visitors daily until December 12, from 10:00 am to 9:00 pm. The forum and exhibition showcase the Kingdom's commitment to environmental sustainability, combating desertification, and enhancing biodiversity, with a focus on lessons learned and a comprehensive approach for the future.
