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Saudi Arabia’s Green Finance Framework boosts renewable energy and conservation efforts

The framework supports the nation's adoption of a circular carbon economy approach

Saudi Arabia’s Green Finance Framework boosts renewable energy and conservation efforts
[Source photo: Krishna Prasad/Fast Company Middle East]

Saudi Arabia has revealed new projects and policies demonstrating its dedication to environmental conservation and renewable energy. With significant investments in solar and wind power and ambitious plans to shift towards a circular carbon economy, the kingdom is positioning itself as a leader in the global green movement.

According to the Saudi Press Agency, Saudi Arabia is further stepping up its fight against climate change with the launch of a Green Finance Framework. 

Led by the Ministry of Finance, this initiative seeks to mobilize public and private investments to realize the kingdom’s ambitious net-zero emissions target by 2060. The framework aligns with Saudi Arabia’s pledge under the Paris Agreement to substantially decrease greenhouse gas emissions by 278 million tonnes annually by 2030. It also promotes the nation’s embrace of a circular carbon economy approach, focusing on capturing and repurposing carbon dioxide emissions.

This initiative builds upon Saudi Arabia’s ongoing environmental endeavors. The kingdom initiated the Saudi Green Initiative in 2021, a comprehensive program including renewable energy expansion, extensive tree planting, and land restoration projects.

The recent commemoration of the inaugural Saudi Green Initiative Day highlighted the collaboration among over 80 public and private sector projects within the initiative.

The Green Finance Framework represents a significant advancement. Attracting additional investment will expedite the implementation of clean energy solutions, including the 2.8 gigawatts of renewable energy already integrated into the national grid.

Also, ongoing projects are geared toward expanding renewable energy capacity. At the same time, extensive tree planting initiatives and the development of a carbon capture and storage hub in Jubail contribute to a more sustainable future for Saudi Arabia.

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