HRH Crown Prince and Prime Minister Mohammed bin Salman announced on Monday that the Kingdom will commit $2.5 billion for the Middle East Green Initiative over the next 10 years.

During the second edition of the summit of the Green Middle East Initiative held in the Egyptian city of Sharm el-Sheikh, on the sidelines of the COP 27 conference, HRH said that Saudi Arabia seeks to make 50 percent of its electrical consumption reliant on renewable sources by 2030.

The Middle East Green Initiative aims to reduce carbon emissions from regional hydrocarbon production by more than 60%.

It also plans to plant 50 billion trees across the Middle East and restore an area equivalent to 200 million hectares of degraded land. The initiative will help reduce global carbon levels by 2.5%.

Saudi Arabia plans to rely on renewables for 50% of its electricity generation by 2030, the prince said, removing 44 million tonnes of carbon emissions by 2035, the prince said.

Saudi Arabia had said last year it aimed to contribute 15% of the $10.4 billion required for the fund's clean energy projects.