It is a watershed moment for the world’s largest oil exporter, while authorities cautioned that Saudi Arabia and others will need to continue pumping petroleum for decades.
Crown Prince Mohammed bin Salman, the de facto ruler, made the declaration at the beginning of a climate conference in Riyadh on Saturday. His administration has constantly pushed against lowering fossil-fuel investments, blaming climate campaigners for this year’s energy price increase.
While Saudi Arabia’s new objective corresponds with China and Russia, its timeline falls behind those of other significant countries such as the United States, the United Kingdom, and the European Union, all of which seek to be net zero by 2050.
Saudi Arabia has been pressured by the United States and European nations to speed up efforts to reduce emissions and invest more in renewable energy. The crown prince’s decision gives them a boost ahead of the key COP26 climate conference in Glasgow, which begins this month.
Prince Mohammed emphasised the challenge of reducing emissions in a desert country that is so reliant on oil and utilises massive amounts of fossil fuels for air cooling and saltwater desalination.
In a recorded speech at the Saudi Green Initiative forum, he said that Saudi Arabia will meet the target in a way that “protects the kingdom’s leading role in strengthening the security and stability of global energy markets, in light of the maturity and availability of the necessary technologies to manage and reduce emissions.”
According to Energy Minister Abdulaziz bin Salman, the government would rely largely on carbon capture. According to him, the goal is to cut carbon emissions by 278 million tonnes per year by 2030, which is more than double the previous objective.
The world’s largest oil company, Saudi Aramco, has set a target to achieve net-zero emissions from its wholly-owned businesses by 2050.
