SVE NEWS & CNBC Sharing Series — Top oil exporter Saudi Arabia targets net zero emissions by 2060

Saudi Crown Prince Mohammed bin Salman speaks during the Future Investment Initiative Forum in Riyadh, Saudi Arabia October 24, 2018.
Saudi Crown Prince Mohammed bin Salman speaks during the Future Investment Initiative Forum in Riyadh, Saudi Arabia October 24, 2018.
Bandar Algaloud | Reuters

The crown prince of Saudi Arabia said on Saturday that the world’s top oil exporter aims to reach zero-net emissions by 2060 and more than doubled its annual target to reduce carbon emissions to almost 280 million metric tons.

Crown Prince Mohammed bin Salman was speaking in recorded remarks at the Saudi Green Initiative, which comes ahead of the 26th UN Climate Change Conference of the Parties, or COP26, in Glasgow from Oct. 31 – Nov. 12, that hopes to agree on deeper emissions cuts to tackle global warming.

“The Kingdom of Saudi Arabia aims to reach zero-net emissions by 2060 under its circular carbon economy program in accordance with the kingdom’s development plan … while maintaining the kingdom’s leading role in strengthening security and stability of global oil markets,” Prince Mohammed said.

Riyadh, a signatory to the Paris climate pact, on Saturday set out details of its nationally determined contributions (NDCs) – goals for individual states under global efforts to prevent average global temperatures from rising beyond 1.5 degrees Celsius above pre-industrial levels.

VIDEO02:31
A low oil price would cripple investments, Saudi finance minister says

The United States and the EU want Saudi Arabia to join a global initiative on slashing emissions of methane by 30% from 2020 levels by 2030. U.S. climate envoy John Kerry will attend a wider Middle East green summit Riyadh is hosting on Monday.

Prince Mohammed said the Saudi Green Initiative aims to eliminate 278 million metric tons of carbon emissions per year, up from a previous target of 130 million metric tons.

Saudi Arabia in March pledged to reduce carbon emissions by more than 4% of global contributions through initiatives including generating 50% of its energy needs from renewables by 2030 and planting billions of trees in the desert state.

Fellow Gulf OPEC producer the United Arab Emirates earlier this month announced a plan for net-zero emissions by 2050.

Saudi Arabia has been criticized for acting too slowly, with Climate Action Tracker giving it the lowest possible ranking of “critically insufficient”.

VIDEO10:35
What a future without oil looks like for the Gulf countries

The kingdom’s economy remains heavily reliant on oil income as economic diversification lags ambitions set out by Crown Prince Mohammed bin Salman.

Saudi officials have argued the world will continue to need Saudi crude for decades to come.

And experts say it is too early to tell what the impact of Saudi’s nascent solar and wind projects will be. Its first renewable energy plant opened in April and its first wind farm began generating power in August.

Megaprojects, such as futuristic city NEOM, also incorporate green energy plans including a $5 billion hydrogen plant, and Saudi state-linked entities are pivoting to green fundraising.

Some investors have expressed concerns over the kingdom’s carbon footprint. Others say Saudi Arabia emits the least carbon per barrel of oil and that de facto ruler Prince Mohammed is serious about economic diversification.

“Obviously the carbon footprint is an issue. However, we would highlight that realistically carbon is going to be slow to phase out, and oil is here for some time yet,” Tim Ash at BlueBay Asset Management said in emailed comments.

 

Reuters

Sources from: CNBC

SVE NEWS is the leader in world news liberal sharing.

(Comments on this news are welcome)
2021 CWMALLS: Standard, Sharing,Ecology, Value;
2021 CWMALLS COMMODITY: Patent, Technology, Art, Intelligence;
2021 CWMALLS NEW SPECIES: Keen, Aggressive, Personality, Value;
2021 MWE FUND: Charity, Public Welfare, Responsibility

Tips: In order to explore more planet species diversity and ecosystem of Mars and earth’s biosphere of cohesion, from now on in the chosen experts and scholars of Mars and planets, especially the astrophysicist, astrobiologists, astrochemists, and so on all over the world’s elite, contribute to the existence and development of simulation of Mars landing. Thank you very much! CWS (Mars) Asia-Pacific Preparatory Committee 0086-57189877088/89877099 E-mail: mars@cws-mars.com October 3, 2021 M1073 E2021

    Top