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Top oil exporter Saudi Arabia targets net zero emissions by 2060

CommoditiesOct 24, 2021 12:56AM ET
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2/2 © Reuters. FILE PHOTO: General view of Aramco tanks and oil pipe at Saudi Aramco's Ras Tanura oil refinery and oil terminal in Saudi Arabia May 21, 2018. Picture taken May 21, 2018. REUTERS/Ahmed Jadallah/File Photo 2/2

By Yousef Saba, Saeed Azhar and Marwa Rashad

RIYADH (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.

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.

Amin Nasser, chief executive of the state oil giant Saudi Aramco (SE:2222), 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.

Prince 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'

U.S. climate envoy John Kerry is due to attend a wider Middle East green summit in Riyadh on Monday.

The 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.

The 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.

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.

($1 = 3.7507 riyals)

Top oil exporter Saudi Arabia targets net zero emissions by 2060
 

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Comments (14)
Alan Rice
Alan Rice Oct 24, 2021 4:26PM ET
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(Saudis: We thought about attaining this goal by 2100 (AD) but wanted to really make a difference. (.0000000001 % earth is dead meat.))
Trevor Roberts
LimitUp Oct 24, 2021 2:43AM ET
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For you children, without oil the deaths woulld make pandemic look like nothing
ZS Beck
ZS Beck Oct 24, 2021 1:00AM ET
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Just enough time left to kill the planet
Moses Victor
Moses Victor Oct 23, 2021 3:51PM ET
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hocus pocus
Ravi Kiran
Ravi Kiran Oct 23, 2021 1:52PM ET
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Hocus pocus
Anthony Spencer
Anthony Spencer Oct 23, 2021 1:41PM ET
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Way to commit to change Oil. 40 years from now…. We’ll all be dead by then 🙄
Barani Krishnan
Barani Krishnan Oct 23, 2021 1:41PM ET
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They should make it 21000
rweqrwq rwqrwqrwq
rweqrwq rwqrwqrwq Oct 23, 2021 1:14PM ET
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i target to quit drinking in 2060
Jose Maderno
Jose Maderno Oct 23, 2021 12:18PM ET
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Reuters with their propaganda...but this net zero pledge is interesting.  It plays against the left's lies about climate.  This whole crisis was manufactured to get rid of fossil fuels.  It never was really about CO2.  But if oil can go net zero, there is NO NEED for EVs and lithium batteries and all the investments the Koch brothers have made.  The hockey stick was fake, the global warming models were fake and CO2 as a pollutant is fake as well.  The story will have to be altered.  Stay tuned.
Francesco Lucchesi
Francesco Lucchesi Oct 23, 2021 12:18PM ET
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why not 2100?
David Astro
David Astro Oct 23, 2021 11:09AM ET
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Yes Sir Mr Saudi, please dont tank the Western Economies by messing with Oil supplys.
inderjeet virk
inderjeet virk Oct 23, 2021 9:46AM ET
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2060 ? is like tomorrow or next day, i think delaying for them is better than saying no
Lars Hellman
LarsH Oct 23, 2021 8:06AM ET
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Oil production will be at least 200 MBD in 2060. Twice current volume.
Engin Rençber
Engin Rençber Oct 23, 2021 5:39AM ET
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2060 is loo late.
Mohd Izhar Muslim
Mohd Izhar Muslim Oct 23, 2021 12:17AM ET
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The Great Features always be grateful for the greatness.
محمود أبو شقفه
محمود أبو شقفه Oct 23, 2021 12:17AM ET
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