Saudi Arabia’s green and renewable energy investments leaped in 2022, with the kingdom aspiring to become a global leader in clean energy production. This was primarily driven by a first suite of nearly 60 new initiatives worth more than $186.7 billion (SAR 700 billion) in investments unveiled at the inaugural Saudi Green Initiative Forum in October 2021, advancing the development of the Kingdom’s green economy.
The placement of the Gulf country on MIT Technology Review’s Green Future Index 2022—which ranks countries based on their ability to develop a low-emissions future—reflected this development. Saudi Arabia came in 51st among 76 countries on the index, advancing 10 places compared to a year earlier.
Saudi Arabia has pledged to inject $2.5 billion into the Middle East Green Initiative (MGI) over the next 10 years, nearly $1 billion more than previously announced, Crown Prince Mohammed bin Salman said on November 7, 2022, during the second edition of the Middle East Green Initiative Summit held in tandem with the UN climate summit COP27 in Egypt.
MGI seeks to cut regional carbon emissions by more than 670 million tons of carbon dioxide equivalent. Additionally, it plans to restore 200 million hectares of degraded land and plant 50 billion trees around the Middle East, eventually contributing to a 2.5% decrease in global carbon emissions.
During the summit, Bin Salman also revealed his country’s plans to rely on renewable energy for 50% of its electricity generation by 2030, capturing 44 million tonnes of carbon emissions by 2035.
Here is a look at some of the biggest green investments in Saudi Arabia in 2022.
