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Saudi Arabia’s Crown Prince Mohammed bin Salman had issued a statement on Saturday saying that the resource-rich world’s leading oil exporter had been brewing off an option to reach a net zero emission level by 2060, about 10 years after the United States as Saudi Aramco, the Saudi Arabia’s state-backed oil giant, had expressed an intent to go carbon neutral at its operations by 2050, largely in line with other G20 economies. Aside from that, Mohammed bin Salman had added in the statement that the ‘crude oil’-rich Kingdom was working out a plan to reach a ‘net zero’ emission target by burning fossil fuels, while the Crown Prince had stressed that the country would double emission cuts aimed at reaching a 30 per cent decline in methane by 2030, which was largely in line with the United States alongside EU.
Saudi Crown Prince seeks to reach ‘net zero’ emission by 2030
Meanwhile, in a pre-recorded speech, Saudi Crown Prince Mohammed bin Salman said at SGI (Saudi Green Initiative), “…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”.
However, Saudi energy minister had told that the usage of hydrocarbon would more likely to be continued in several G20 economies such as China and India, the world’s first- and third-largest oil importers respectively, while Saudi Arabia would take inclusive measures in order to ensure market stability despite its plan to reach a ‘net zero’ emission by 2060.
More importantly, although the Saudi economy still remains almost entirely depended on foreign revenues stemming from exports of crude oil, the Crown Prince has reportedly been vying to vent out a way to diversify the economy.