Saudi Arabia has pledged to reduce its environmental impact, though the timetable will irritate critics. According to Reuters Saudi Arabia, according to Crown Prince Mohammed bin Salman and Energy Minister Prince Abdulaziz bin Salman, will achieve net zero emissions by 2060.
This falls short of the 2050 target set by the EU, the United Arab Emirates, the United States, and other countries.
The kingdom hoped to achieve net zero carbon emissions through a circular carbon economy program while also attempting to improve the “security and stability” of the world’s oil markets.
While the princes stated that Saudi Arabia would more than double its CO2 reductions by 2030, they also stated that the country needed time to “properly” conduct a transition.
The Crown Prince stated that Saudi Arabia could meet its goal before 2060, and state oil producer Saudi Aramco hopes to achieve net zero emissions by 2050. However, the country has been moving at a snail’s pace.
Its first renewable energy plant opened in April, and its first wind farm in August. It is still working on the design of its first hydrogen fuel plant.
It’s not surprising that the schedule is conservative. Despite efforts to diversify the Saudi economy, oil and gas still account for roughly half of the country’s GDP and 70% of its exports. Emissions reductions that are too aggressive may have an impact on the kingdom’s core business.
That dependence might also create problems, however. The UK and some US states are among those banning sales of new combustion engine passenger vehicles within the next 10 to 15 years, and others might not be far behind.
Oil exporters like Saudi Arabia may have to adjust their emissions targets if electric vehicle sales grow quicker than expected.
However, this reliance may cause problems. The United Kingdom and some states in the United States are among those prohibiting the sale of new combustion engine passenger vehicles within the next 10 to 15 years, and others may not be far behind.
If electric vehicle sales grow faster than expected, oil exporters such as Saudi Arabia may have to adjust their emissions targets.