Ahead of the international climate negotiations in Glasgow, Saudi Arabia has committed to reaching net-zero emissions by 2060.
One of the world’s largest oil producers announced on Saturday that the world’s biggest oil exporter plans to achieve “net zero” greenhouse gas emissions by 2060, ten years later than the US.
He also stated that the reductions in emissions planned by 2030 would be doubled.
Saudi Arabia, according to Crown Prince Mohammed bin Salman and his energy minister, will address climate change, but will also emphasize the necessity of hydrocarbons and maintain oil market stability.
Read more: PM Imran voices support for Saudi Green & Middle East Green Initiatives
They were speaking at the Saudi Green Initiative (SGI) ahead of COP26, the United Nations climate summit set to take place in Glasgow at the end of the month, with the goal of agreeing on deeper global emissions reductions to combat global warming.
By 2050, the United States, the world’s second-largest emitter, plans to achieve net zero emissions, which means it will produce no more greenhouse gases than it can trap or absorb. However, the world’s largest and third-largest emitters, China and India, have not committed to this timetable.
The chief executive of Saudi Aramco, Amin Nasser, said it was unproductive to “demonize” hydrocarbons. He stated that Aramco’s goal was to increase oil and gas output while simultaneously reaching net zero emissions from its own operations by 2050.
More global investment, he said, is needed to maintain adequate crude oil supply.
In recorded remarks, Prince Mohammed stated that the kingdom’s circular carbon economy initiative intended to reach net zero by 2060, “while continuing its leading role in enhancing the security and stability of global oil markets.”
He stated that Saudi Arabia would join a worldwide commitment to reduce methane emissions by 30% from 2020 levels by 2030, which has been pushed by both the US and the EU.
In a phone chat with Saudi King Salman bin Abdul Aziz, UN Secretary General Antonio Guterres praised the kingdom’s efforts to cut emissions, according to state media.
