Speaking Monday at the Green Middle East Initiative summit in Riyadh, Larry Fink, CEO of BlackRock Investments, stressed that investments in low-carbon projects in emerging markets are expected to reach $ 1 trillion a year.
Fink, who heads the world’s largest wealth management company, added emerging markets, excluding China, are responsible for a third of carbon emissions. in all over the world, and therefore the investments of these markets in low-carbon projects should not be less than a trillion dollars. This is more than 6 times the present value of these $ 150 billion investments.
At the start of the conference, Saudi Crown Prince Mohammed bin Salman pledged to invest more than $ 1 billion in new environmental initiatives to combat climate change, while the Kingdom, the world’s largest oil exporter, seeks to strengthen its environmental role globally.
In his opening speech at 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 help provide clean fuel solutions with a total investment of 39 billion riyals ($ 10.4 billion) “, the Kingdom pays” approximately the 15%”. That is about 1.56 billion dollars.
In turn, US presidential special 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.
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