Saudi Arabia, leading oil exporter, targets net zero emissions by 2060
The Crown Prince of Saudi Arabia said on Saturday that the world’s largest oil exporter aims to reach net zero emissions by 2060 and will more than double its annual target for reducing carbon emissions. Crown Prince Mohammed bin Salman and his energy minister said OPEC member Saudi Arabia will tackle climate change while ensuring stability in the oil market, stressing the continued importance of hydrocarbons.
They were speaking at the Saudi Green Initiative (SGI), which precedes COP26, the United Nations climate change conference in Glasgow at the end of the month, which hopes to agree on deeper emission reductions for fight against global warming. “The Kingdom of Saudi Arabia aims to achieve net zero emissions by 2060 as part of its circular carbon economy program (…) while maintaining the kingdom’s leading role in strengthening the security and stability of world oil markets, ”Prince Mohammed said in recorded remarks.
He said the kingdom would join a global initiative to cut methane emissions by 30% from 2020 levels by 2030, which the United States and the EU have pressed. US climate envoy John Kerry is scheduled to attend a wider Middle East green summit on Monday that Riyadh is hosting.
Saudi Energy Minister Prince Abdulaziz bin Salman said Riyadh, a signatory to the Paris Climate Pact, had already submitted its Nationally Determined Contributions (CDNs) – targets for individual states as part of the efforts global efforts to prevent average global temperatures from exceeding 1.5 degrees Celsius above before. industrial levels. The SGI aims to eliminate 278 million tonnes of carbon emissions per year, the crown prince said, against a previous target of 130 million tonnes.
In Saudi Arabia, March pledged to reduce carbon emissions by more than 4% of global contributions. He said this would involve generating 50% of its energy needs from renewables by 2030 and planting billions of trees in the desert state. HYDROCARBONS ALWAYS NEED
Saudi Arabia’s economy remains heavily dependent on oil revenues, with economic diversification lagging behind the ambitions set out by the Crown Prince. Saudi officials have argued that the world will continue to need Saudi crude for decades.
“The world cannot function without hydrocarbons, without fossil fuels, without renewable energies, none of these will be the savior, it must be a comprehensive solution,” said the Minister of Energy. “We need to be inclusive and inclusiveness requires being open to accepting the efforts of others as long as they cut emissions,” he said, adding that the kingdom’s younger generation “won’t wait for that. we were changing their future “.
He said the goal of net zero emissions could be met before 2060, but the kingdom needed time to get it “right”. Another Gulf OPEC producer, the United Arab Emirates, this month announced a plan for net zero emissions by 2050.
The managing director of UAE oil company ADNOC, Sultan al-Jaber, also stressed the importance of investments in hydrocarbons, saying the world has “fallen asleep” in a supply crisis and that climate action is failing. should not become an economic burden on developing countries. GREEN PUSH
Saudi Arabia has been criticized for acting too slowly, with Climate Action Tracker giving it the lowest possible ranking of “critically insufficient”. And experts say it’s too early to tell what the impact of Saudi Arabia’s nascent solar and wind projects will be. Its first renewable power plant opened in April and its first wind farm started producing electricity in August.
Megaprojects, such as the futuristic city NEOM, also incorporate green energy plans, including a $ 5 billion hydrogen plant, and entities linked to the Saudi state are looking to green fundraising. Some investors have expressed concerns about the kingdom’s carbon footprint. Others say Saudi Arabia emits the least carbon per barrel of oil and that the de facto prince, Prince Mohammed, takes economic diversification seriously.
“The carbon footprint is an issue. However, we would like to stress that realistically carbon is going to be slow to disappear and oil has been around for quite some time yet,” said Tim Ash of BlueBay Asset Management in comments sent by email.
(This story was not edited by Devdiscourse staff and is auto-generated from a syndicated feed.)