Saudi Arabia pledged to cut carbon emissions to net zero by 2060 while also maintaining its role as a leading producer of oil and gas, according to announcement by Crown Prince Mohammed bin Salman at the start of the Kingdom’s first Saudi Green Initiative Forum on 23 October. The Forum took place one week ahead of the Cop26 climate conference in Glasgow and the G20 leaders’ meeting in Rome.
Prince Mohammed said the Kingdom would spend SAR700 billion (USD187 billion) on a range of new climate goals, including reducing carbon emissions by 278 million tonnes annually by 2030. It will also cut its emissions of methane, a potent by-product of hydrocarbons production, and join a US-led pact to curb methane emissions by 30% this decade.
Prince Mohammed indicated that the country still saw a central role for oil and gas production, saying the new targets would be achieved “while preserving and reinforcing the kingdom’s leading role in the security and stability of global energy markets, with the availability and maturity of required technologies to manage and reduce emissions.”
He said the Kingdom would use a “carbon circular economy” to reach its 2060 net zero goal — a reference to carbon capture, utilisation and storage technologies.