Riyadh, October 23 / BNA / The Saudi Crown Prince said, today, Saturday, that Saudi Arabia, the largest oil exporter in the world, aims to reach “zero” emissions of greenhouse gases – most of which are produced by burning fossil fuels by 2060. .
He also said it would double the emissions reductions it plans to achieve by 2030.
Crown Prince Mohammed bin Salman and the Minister of Energy have said that Saudi Arabia will tackle climate change, but they also stressed the continued importance of hydrocarbons, and said they would continue to ensure the stability of the oil market.
They were speaking at the Saudi Green Initiative (SGI) ahead of COP26, the UN climate conference in Glasgow at the end of the month, which hopes to agree on deeper global emissions cuts to tackle global warming, Reuters reported.
The United States is committed to achieving “net zero,” meaning that it emits no more greenhouse gases than it can capture or absorb by 2050. But China and India, the world’s second and third largest emitters, have not met that timeline.
Amin Nasser, CEO of state oil giant Saudi Aramco, said the “demonization” of hydrocarbons would be counterproductive. He said Aramco aims to expand its oil and gas production capacity while achieving net zero emissions from its operations by 2050.
He called for more global investment to ensure adequate supplies of crude oil. Read more
Prince Mohammed said in recorded statements that the Kingdom aims to reach net zero by 2060 within the framework of the circular carbon economy program, “while maintaining its leading role in enhancing the security and stability of global oil markets.”
He said Saudi Arabia will join a global initiative to reduce methane emissions by 30% from 2020 levels by 2030.
US climate envoy John Kerry is scheduled to attend a broader Middle East green summit in Riyadh on Monday.
SGI aims to eliminate 278 million tons of carbon dioxide emissions annually by 2030, up from the previous target of 130 million tons. The Crown Prince said that the SGI initiative will include investments of more than 700 billion riyals (190 billion dollars) in that time period.
Saudi Arabia’s economy remains heavily dependent on oil, although the crown prince is trying to encourage diversification.
Energy Minister Prince Abdulaziz bin Salman said the world needs fossil fuels as well as renewable energy sources.
“It has to be a comprehensive solution,” he said. “We need to be inclusive, and inclusion requires openness to accepting the efforts of others as long as they are going to reduce emissions.”
He said that the younger generation in the kingdom “will not wait for us to change their future.”
He said net zero may be achieved before 2060 but the kingdom needs time to do things “right”.
The United Arab Emirates, another Gulf oil producer, this month announced a plan for net zero emissions by 2050.
The first renewable energy plant in Saudi Arabia opened in April and the first wind farm began generating in August.
However, it has plans to build a $5 billion plant to produce hydrogen and clean fuels, and state-related entities are working to raise green money.