Saudi Arabia aims to reach zero-net emissions by 2060, Crown Prince Mohammed bin Salman, the Head of the Higher Committee for the Saudi Green Initiative (SGI), pledged at an environment conference in the Kingdom on Saturday.
The Crown Prince, in recorded remarks, announced plans to cut carbon emissions by over 270 million tons per year as part of the Saudi Green Initiative, which he said would see investments of more than 700 billion riyals ($186.63 billion).
He added that the first wave of initiatives will deliver against the targets under the SGI programs that aim to achieve more than 278 Mtpa carbon emissions reduction by 2030.
This is more than doubling delivery against the emissions reduction target set forth at the announcement of the SGI summit in early 2021.
The Kingdom will also join the Global Methane Pledge to contribute to cutting global methane emissions by 30 percent by 2030, as part of its commitment to deliver a cleaner, greener future.
In addition, the Crown Prince stated that an increasing area of land is being designated for protection in the coming years, to achieve the first 20 percent of the goal to protect over 30 percent of the Kingdom’s total land area, with initiatives to deliver the final 10 percent to be announced at a later stage.
The transition to net zero carbon emissions will be delivered in a manner that preserves the Kingdom’s leading role in enhancing the security and stability of global energy markets, particularly considering the maturity and availability of technologies necessary to manage and reduce emissions, a statement released on Saturday revealed.
To further amplify its protection of terrestrial, marine and coastal environments, HRH the Crown Prince announced that Saudi Arabia is joining the Global Ocean Alliance, establishing the Ocean Exploration Foundation and announcing a number of initiatives – including a Global Center for Tourism Sustainability.
Net-zero goal possible before 2060
The newly-announced goal to reach zero-net emissions by 2060 could be achieved earlier and would not have any adverse financial or economic impact on the world’s top oil exporter, the Saudi energy minister said.
Energy Minister Prince Abdulaziz bin Salman al-Saud, speaking at the SGI summit, also said most technology needed to cut emissions would mature by 2040 and that the kingdom “needs time to do things properly.”
He said the world needs all sources of energy.
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