RIYADH: Saudi Arabia's de facto ruler pledged more than US$1 billion for new global environmental initiatives on Monday , taking further steps to bolster the green credentials of the world's top oil exporter.
"Today we are initiating a green era for the area, believing that these changes are not only for the environment but also for the economy and security," he told heads of state and other senior officials at the Middle East Green Initiative Summit in Riyadh. Environmental group Greenpeace questioned the seriousness of that target, which comes after state oil firm Saudi Aramco said it planned to raise crude production capacity to 13 million barrels a day by 2027.
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