Oil Giant Saudi Arabia Aims For Net Zero Emissions By 2060

Saudi Arabia's crown prince said on Saturday that the world's top oil exporter aims to reach net zero emissions of greenhouse gases - mostly produced by burning fossil fuels - by 2060 – a decade later than the United States, Yousef Saba Saeed Azhar and Marwa Rashad reported for the Associated Press (AP).

Photo Insert: Big oil tanks at Ras Tanura oil terminal in Saudi Arabia

He also said it would double the emissions cuts it plans to achieve by 2030. Crown Prince Mohammed bin Salman and his energy minister said Saudi Arabia would tackle climate change, but also stressed the continued importance of hydrocarbons and said it would continue to ensure oil market stability.

They were speaking at the Saudi Green Initiative (SGI) ahead of COP26, the UN climate conference in Glasgow at the end of the month, which hopes to agree on deeper global emissions cuts to tackle global warming.

The US is committed to achieving 'net zero', meaning that it emits no more greenhouse gases than it can capture or absorb, by 2050. But China and India, the world's second and third-biggest emitters, have not committed to this timeline.

Amin Nasser, chief executive of the state oil giant Saudi Aramco, said it was counterproductive to demonize hydrocarbons. He said Aramco aimed to expand its oil and gas production capacity while also achieving net zero emissions from its own operations by 2050. He called for more global investment to ensure adequate crude oil supplies.

Prince Mohammed said in recorded remarks that the kingdom aimed to reach net zero by 2060 under its circular carbon economy program, "while maintaining its leading role in strengthening security and stability of global oil markets."

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