The G20 summit 2023 in India took place on September 9-10, 2023. Saudi Arabia made several commitments and launched new initiatives at the summit, including:
- Commitment to achieving net-zero emissions by 2060. Saudi Arabia reiterated its commitment to achieving net-zero emissions by 2060, in line with the Paris Agreement goals. To achieve this, the country plans to invest in renewable energy, energy efficiency, and carbon capture and storage.
- Launch of the India-Middle East-Europe Economic Corridor (IMEC). Saudi Arabia joined India, the European Union, and other countries in launching the IMEC, which aims to create a new trade and investment corridor between the Middle East, South Asia, and Europe. The corridor is expected to boost economic growth and connectivity in the region.
- Commitment to providing $10 billion in climate finance to developing countries. Saudi Arabia pledged to provide $10 billion in climate finance to developing countries by 2025. This funding will help developing countries adapt to the impacts of climate change and transition to clean energy.
- Launch of the G20 Desalination Initiative. Saudi Arabia joined other G20 countries in launching the G20 Desalination Initiative, which aims to make desalination more affordable and sustainable. The initiative includes a target of reducing the cost of desalination by 20% by 2030.
- Commitment to investing in renewable energy. Saudi Arabia announced plans to invest $50 billion in renewable energy by 2030. This investment will help the country diversify its energy mix and reduce its reliance on fossil fuels.
These are just some of the commitments and initiatives that Saudi Arabia announced at the G20 summit 2023. These commitments are a positive step towards addressing climate change and promoting sustainable development. They come in the backdrop of a broader Saudi Vision 2030 plan and some major investments announced by the Kingdom.
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