Saturday, November 17, 2007

Saudi Arabia announces climate change fund

From Agence France-Presse:

Saudi Arabia, the world's biggest oil exporter, announced Saturday a multi-million-dollar fund to tackle global warming that is set to focus on finding technological solutions to the climate change problem.

Making the announcement at the opening of the third OPEC summit in Riyadh, King Abdullah bin Abdulaziz said the kingdom will invest 300 million dollars (200 million euros) to develop technology to tackle climate change.

"I announce that the kingdom of Saudi Arabia is giving an amount of 300 million dollars that will be basis of a programme that will finance research related to the future of energy, environment and climate change," he said.

The king described attempts to exaggerate the impact of oil on the environment and climate change as "erroneous."...MORE