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| Saudi Arabia's goal is to achieve net zero emissions by 2060 |
Saudi Arabia's goal is to achieve zero net greenhouse gas emissions by 2060, most of which result from burning fossil fuels. It is also planned to double the emissions reductions by 2030.
Saudi Crown Prince Mohammed bin Salman announced that the world's largest oil exporter is reacting to climate change. But he also stressed the continuing importance of hydrocarbons. Saudi Arabia will continue to ensure the stability of the oil market.
The comments were made in the run-up to the COP26 talk convened by the Saudi Green Initiative at the United Nations Climate Change Conference in Glasgow later this month, which seeks agreement on deeper global emissions cuts in response to global warming.
The United States is the world's second largest emitter and aims to achieve net zero emissions. This means that greenhouse gas emissions will not exceed their absorptive capacity by 2050. But China and India, the world's largest and third largest emitters, have missed this timeline.
The demonization of hydrocarbons is counterproductive, said Amin Nasser, CEO of state oil giant Aramco.
He stated that Saudi Aramco's goal is to expand its oil and gas production capabilities while achieving net zero emissions from its operations by 2050. He called for more global investment to ensure adequate supplies of crude oil.
The Kingdom can achieve its goal by 2060
Prince Mohammed said in a documented statement that the Kingdom's goal is to achieve net zero emissions by 2060 as part of the plan for a circular carbon economy, while maintaining its leading role in improving the safety and stability of the global oil market.
He added that Saudi Arabia is joining a global initiative to reduce methane emissions by 30% by 2030 from 2020 levels.
The Secretary-General of the United Nations, in a telephone interview with King Salman bin Abdulaziz of Saudi Arabia, praised the Kingdom's measures to reduce emissions.
The US Climate Ambassador plans to participate in the Broader Middle East Summit of the Greens in Riyadh on Monday.
The Saudi Green Initiative aims to reduce carbon dioxide emissions by 278 million tons annually by 2030, exceeding the previous target of 130 million tons.
The Crown Prince said that the plan calls for investing more than 700 billion riyals ($190 billion) during this period.
The kingdom's economy remains highly dependent on oil, despite the crown prince's attempt to encourage diversification.
Energy Minister Prince Abdulaziz bin Salman said the world needs fossil fuels and renewable energy.
The United Arab Emirates, another Gulf oil producer, this month announced a plan to achieve net zero emissions by 2050.
The kingdom's first renewable energy plant was completed in April and the first wind farm began producing electricity in August.