The two words you want to pay attention to in this graph are “finance research” because they speak to the intent of the entire initiative. Words convey meaning beyond the words themselves and in this case “finance research” means “we’ll wave our arms but do nothing substantive”.
The oil-rich kingdom also wanted to highlight a new emphasis on protecting the environment by announcing the establishment of a $750 million fund to reduce carbon emissions. Saudi Arabia will contribute $300 million to finance research into technology that captures carbon spewed by power plants or refineries and stores them underground. In addition, Kuwait, the United Arab Emirates and Qatar will provide $150 million each.
For industries looking to burnish their green credentials, which in the case of Saudi Arabia kinda falls into the “you kidding, right?” file, the words “finance research” are the equivalent of over exposed pop tarts being “hospitalized for exhaustion”.
The only thing more laughable than the Saudi’s funding environmental research is the paltry amount of money they are committing to the fund. $300 million from the country of Saudi Arabia is like you and I going out for a venti latte, and it’s a lot less than Saudi Prince Alwaleed bin Talal is spending on his new Airbus A380 super jumbo jet. If the Saudis are really that concerned about emissions maybe they could convince the Prince to make due with a Gulfstream or Boeing Business Jet for his private air transportation. Can you imagine the emissions that thing spews out on a single flight?