Top oil exporter Saudi Arabia targets net zero emissions by 2060

Saudi Arabia, the world's top oil exporter, aims to reach net-zero emissions by 2060, Crown Prince Mohammed bin Salman pledged at an environment conference in the kingdom

10/24/2021 3:25:00 PM

Saudi Arabia, the world's top oil exporter, aims to reach net-zero emissions by 2060, Crown Prince Mohammed bin Salman pledged at an environment conference in the kingdom

Saudi Arabia's crown prince said on Saturday that the world's top oil exporter aims to reach 'net zero' emissions of greenhouse gases, mostly produced by burning fossil fuels, by 2060 - 10 years later than the United States.

Saudi initiative to see investment of $187 blnTo tackle climate change while ensuring oil market stabilityCould hit target before 2060, energy minister saysRIYADH, Oct 23 (Reuters) - Saudi Arabia's crown prince said on Saturday that the world's top oil exporter aims to reach "net zero" emissions of greenhouse gases, mostly produced by burning fossil fuels, by 2060 - 10 years later than the United States.

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He also said it would double the emissions cuts it plans to achieve 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 oil market stability.

They were speaking at the Saudi Green Initiative (SGI) ahead of COP26, the United Nations climate conference in Glasgow at the end of the month, which hopes to agree deeper global emissions cuts to tackle global warming.The United States, the world's second-biggest emitter, 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 biggest and third-biggest emitters, have not committed to this timeline. headtopics.com

Amin Nasser, chief executive of the state oil giant Saudi Aramco, said it was counterproductive to "demonise" hydrocarbons. He said Aramco aimed to expand its oil and gas production capacity while also achieving net zero emissions from its own operations by 2050.

He called for more global investment to ensure adequate crude oil supplies.read morePrince Mohammed said in recorded remarks that the kingdom aimed to reach net zero by 2060 under its circular carbon economy programme, "while maintaining its leading role in strengthening security and stability of global oil markets".

He said Saudi Arabia would join a global initiative on slashing emissions of methane by 30% from 2020 levels by 2030, which both the United States and the EU have been pressing.U.N. 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. L1N2RJ0FB

'HYDROCARBONS STILL NEEDED'1/4Saudi Energy Minister, Prince Abdulaziz bin Salman bin Abdulaziz Al Saud speaks during the Saudi Green Initiative Forum to discuss efforts by the world's top oil exporter to tackle climate change in Riyadh, Saudi Arabia, October 23, 2021. REUTERS/Ahmed Yosri headtopics.com

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Read MoreU.S. climate envoy John Kerry is due to attend a wider Middle East green summit in Riyadh on Monday.read moreThe SGI aims to eliminate 278 million tonnes of carbon dioxide emissions per year by 2030, up from a previous target of 130 million tonnes. The crown prince said the SGI initiative would involve investments of over 700 billion riyals ($190 billion) in that time period.

Saudi Arabia's economy remains heavily reliant on oil, although the crown prince is trying to promote diversification.Energy minister Prince Abdulaziz bin Salman said the world needed fossil fuels as well as renewables."It has to be a comprehensive solution," he said. "We need to be inclusive, and inclusivity requires being open to accept others' efforts as long as they are going to reduce emissions."

He said the kingdom's younger generation "will not wait for us to change their future".He said net zero might be achieved before 2060 but the kingdom needed time to do things "properly".Another Gulf oil producer, the United Arab Emirates, this month announced a plan for net zero emissions by 2050.

read moreThe non-profit Climate Action Tracker consortium gives Saudi Arabia its lowest possible ranking, "Critically insufficient".Saudi Arabia's first renewable energy plant opened in April and its first wind farm began generating in August. headtopics.com

It does, however, have plans to build a $5 billion plant to produce hydrogen, a clean fuel, and state-linked entities are pivoting to green fundraising.Reporting by Yousef Saba and Saeed Azhar in Riyadh, Marwa Rashad in London and Maher Chmaytelli in Dubai; Additional reporting by Raya Jalbi in Dubai; writing by Ghaida Ghantous; Editing by Jason Neely, Kevin Liffey and William Mallard

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Don’t take the bate! It’s all about $$$$$$! Wow, earth is safe. watch: A murderer Saudi Arabia will be uninhabitable by 2060. It is a good thing they own so many American politicians, and a lot of farmland too. Sounds like your basic lip service too me A series of targeted emission reductions over a time series would be a more productive, consumable, and more measurable promise. No one can truly process a 60 year target.

And it will be top exporter of new and clean energy 👍👍 Very nice, but will we still be living on this planet in 2060? 2060 this is a joke

Seeing people like this and Kushner walking free confirms to your fur babies there is no God. even if it might be a good thing, blood is still on his hands