Speaking at the Green Middle East Initiative summit in Riyadh on Monday, Larry Fink, CEO of BlackRock Investments, stressed that investments in low-carbon projects in emerging markets should reach $1 trillion annually.
Fink, who leads the world’s largest asset management company, added that emerging markets, excluding China, are responsible for a third of carbon emissions around the world, and therefore these markets’ investments in low-carbon projects should not be less than one trillion dollars, which exceeds 6 times the current value of these investments. 150 billion dollars.
At the beginning of the conference, Saudi Crown Prince Mohammed bin Salman pledged to invest more than one billion dollars in new environmental initiatives to combat climate change, while the Kingdom, the world’s largest oil exporter, seeks to enhance its environmental role globally.
In his speech at the opening of the conference, Prince Mohammed bin Salman announced, “The establishment of an investment fund in solutions for circular carbon economy technologies in the region and a global initiative to contribute to providing solutions for clean fuels with a total investment of 39 billion riyals (10.4 billion dollars),” the Kingdom pays “about 15% of them.” That is about 1.56 billion dollars.
In turn, the US Special Presidential Envoy for Climate, John Kerry, praised Saudi Arabia’s efforts to combat climate change. Kerry said in a speech at the conference that we all have a responsibility to preserve the planet.