Crown Prince Mohammed bin Salman says the Saudi Green Initiative aims to eliminate 278 million tonnes of carbon emissions per year, up from a previous target of 130 million tonnes.
Saudi Arabia's crown prince said on Saturday, October 23, that the world's top oil exporter aims to reach zero-net emissions by 2060 and will more than double its annual target to reduce carbon emissions.
"The Kingdom of Saudi Arabia aims to reach zero-net emissions by 2060 under its circular carbon economy program…while maintaining the kingdom's leading role in strengthening security and stability of global oil markets," Prince Mohammed said in recorded remarks. Saudi energy minister Prince Abdulaziz bin Salman said Riyadh, a signatory to the Paris climate pact, had already submitted its nationally determined contributions – goals for individual states under global efforts to prevent average global temperatures from rising beyond 1.5 degrees Celsius above pre-industrial levels.
"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, adding that the kingdom's young generation"will not wait for us to change their future." The chief executive of UAE oil firm ADNOC, Sultan al-Jaber, also stressed the importance of investment in hydrocarbons, saying the world had"sleepwalked" into a supply crunch and that climate action should not become an economic burden on developing nations.Saudi Arabia has been criticized for acting too slowly, with Climate Action Tracker giving it the lowest possible ranking of"critically insufficient.
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