Saudi Arabia declares 2060 net zero pledge prior to COP26 summit

Saudi Arabia has promised to reduce carbon emissions to net zero by 2060, while maintaining its role as a major producer of oil and gas, Prince Mohammed Bin Salman said in a speech on Saturday.

The announcement will be made a few days before the store opens. COP26 Climate Summit G20 summit in Rome, where Glasgow and Saudi Arabia meet Was under pressure Boost that emission target.

Binsalman said the Kingdom will spend 700 billion riyals (US $ 187 billion) on various new climate targets, including reducing annual carbon emissions by 278 million tonnes by 2030.

Saudi Arabia will also reduce emissions of methane, a powerful greenhouse gas released when hydrocarbons are produced, and join a U.S.-led agreement to reduce methane emissions by 30% over the last decade. ..

However, Binsalman said the new goal is “the technology needed to control and reduce emissions while maintaining and strengthening the Kingdom’s leading role in the security and stability of the global energy market.”

The new net zero emissions target is unlikely to change Saudi Arabia’s position as the world’s largest oil exporter. This is because these exports are usually excluded from the measured emissions.

Russia, which has cooperated with Saudi Arabia and oil policy through the OPEC + group, which has expanded since 2016, also indicated earlier this month that it is aiming to become carbon-neutral by 2060, without giving details.

Vinsalman said the Kingdom will use the “Carbon Circular Economy” to reach its net zero goal of 2060. This is a reference to carbon recovery, utilization and storage technologies. This allows for the continuous combustion of fossil fuels.

Patricia Espinosa, head of the United Nations Framework Convention on Climate Change, praised Saturday’s move as “bold and courageous.”

However, Riyadh also faces criticisms about what appears to be breaking legislation on fossil fuels and that it is holding back on climate goals.

In a leak document reported this week, the Kingdom must focus on UN scientists that the energy sector “will rapidly transition to zero carbon sources and aggressively phase out fossil fuels.” It was shown to request that the conclusion be deleted.

The kingdom’s state-owned oil company, Saudi Aramco, said it aims to increase its production capacity from about 12 mb / d today to 13 m barrels of crude oil in a day 10 years from now.

Saudi Arabia’s position in the global energy market demonstrates the complexity of achieving climate goals. U.S. President Joe Biden has tried to base his administration on climate change efforts, but in recent months, Saudi-led opec has been able to lower prices, which have risen to their highest levels in three years. He called for increased oil production.

Natural gas prices have skyrocketed more than five times year-on-year in Europe and Asia due to surges in demand in Asia and tight supply, including restrictions on exports from Russia to Western Europe. It provided ammunition to critics trying to reduce their investment in fossil fuels, but political leaders in Europe and the United States also emphasized the dangers of relying on imported oil and gas. Claims.

Riyadh consistently emphasizes that Saudi Aramco has some of the lowest production costs in the world, and claims that its oil is in the lowest carbon intensity “from the well to the refinery gate”. doing.

Prince Abdullah Zizbin Salman, the half-brother of MBS, the Minister of Energy of Saudi Arabia, has also criticized the lack of investment in the global oil and gas industry.

He compared the International Energy Agency’s “roadmap” on how to reduce emissions to net zero. This is a sequel to the movie Lara, claiming that if the government enacts policies to reduce demand, there is no need to invest in new oil or gas fields. land’.

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Saudi Arabia declares 2060 net zero pledge prior to COP26 summit

Source link Saudi Arabia declares 2060 net zero pledge prior to COP26 summit

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