RIYADH — Speaking at the Middle East Green Initiative Summit in Riyadh, BlackRock chairman and CEO Larry Fink predicted the next 1,000 global companies valued at more than one billion dollars would be sustainable companies.

Fink said: "It’s my belief that the next 1,000 unicorns — companies that have a market valuation over a billion dollars — won’t be a search engine or media company. They will be businesses developing green hydrogen, and green agriculture, and green steel and green cement.

"That is not to say that we are going to divest from hydrocarbons. In fact, it is essential that we work with them and are playing a role in this solution. We’re supportive of hydrocarbon companies, and believe they will be part of the solution of the green revolution of new green technology.

"Many of them are at the forefront of developing methods of carbon capture and storage, which will play a major role in removing the carbon emissions we will continue to produce."

Earlier, the Crown Prince announced a series of regional programs for climate action to an audience of dozens of heads of state at the event. On Saturday, the Crown Prince also revealed that Saudi Arabia is aiming to achieve net zero emissions by 2060 through the Carbon Circular Economy approach.

The Middle East Green Initiative called for intensifying coordination and joint action to preserve and develop the importance of the environment and vegetation cover in Africa, in addition to establishing the Green Initiative Foundation as an independent non-profit entity to support the summit and raise the level of coordination. — SG