Crown Prince Mohammed bin Salman and his energy minister said Saudi Arabia would tackle climate change, but also stressed the continued importance of hydrocarbons and said it would continue to ensure the stability of the oil market. He also said it would double the emissions cut plan by 2030.
see photosSaudi Arabia aims to reach “net zero” emissions of greenhouse gases by 2060, 10 years after the US
Saudi Arabia’s crown prince said on Saturday that the world’s top oil exporter aims to reach “net zero” emissions of greenhouse gases by 2060 – 10 years later than the United States, mostly generated by burning fossil fuels. . He also said it would double the emissions reductions by 2030. Crown Prince Mohammed bin Salman and his energy minister said Saudi Arabia would tackle climate change, but also stressed the continued importance of hydrocarbons and said it would continue to ensure an oil market. Stability.
He was speaking at the Saudi Green Initiative (SGI) ahead of COP26, a UN climate conference in Glasgow at the end of the month, which is expected to agree on deep global emissions cuts to tackle global warming. The United States, the world’s second largest emitter, is committed to achieving net zero, meaning it does not emit more greenhouse gases than it can capture or absorb by 2050. But China and India, the world’s largest and third largest emitters, have not committed to this timeline.
Saudi Energy Minister, Prince Abdulaziz bin Salman bin Abdulaziz Al Saud and UAE Minister of State, Sultan Ahmed Al Jaber attend the Saudi Green Initiative Forum
Amin Nasser, chief executive of the kingdom’s oil company Saudi Aramco, said it was counterproductive to “demone” the hydrocarbons. He said Aramco aims to achieve net zero emissions from its own operations by 2050, as well as expand its oil and gas production capacity. He called for more global investment to ensure adequate crude oil supplies. Prince Mohammed said in recorded remarks that the kingdom aims to reach net zero by 2060 under its circular carbon economy programme, “while maintaining its leading role in strengthening the security and stability of global oil markets”.
He added that Saudi Arabia would join a global initiative to reduce methane emissions by 30% from 2020 levels by 2030, which both the United States and the European Union are pressing. UN Secretary-General Antonio Guterres, in a phone call with Saudi King Salman bin Abdulaziz, welcomed the kingdom’s initiatives to reduce emissions, state media said.
‘Hydrocarbon still needed’
US climate envoy John Kerry is scheduled to attend a comprehensive Middle East Green Summit in Riyadh on Monday. SGI aims to eliminate 278 million tonnes of carbon dioxide emissions per year by 2030, up from the previous target of 130 million tonnes. The Crown Prince said the SGI initiative would involve an investment of more than 700 billion riyals ($190 billion) over that time period. Saudi Arabia’s economy is heavily dependent on oil, although the Crown Prince is trying to promote diversification.
Saudi Arabia’s economy is heavily dependent on oil, although the Crown Prince is trying to promote diversification.
Energy Minister Prince Abdulaziz bin Salman said that the world needs renewable energy along with fossil fuels. “It should be a comprehensive solution,” he said. “We need to be inclusive, and inclusivity needs to be open to acknowledging the efforts of others as long as they are going to reduce emissions.” He added that the young generation of the state “won’t wait for us to change our future”. He said net zero could be achieved before 2060, but the state needs time to do things “properly”.
Another Gulf oil producer, the United Arab Emirates, this month announced plans for net zero emissions by 2050. The non-profit Climate Action Tracker Consortium gives Saudi Arabia a “severely inadequate” ranking. Saudi Arabia’s first renewable power plant opened in April and its first wind farm production began in August. However, there are plans to build a $5 billion plant to produce hydrogen, a clean fuel, and state-affiliated institutions are moving toward green fundraising.
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