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Saudi Arabia is aiming for a net-zero carbon target by 2060, Crown Prince Mohammed bin Salman said at the Saudi Green Initiative Forum (SGI) on Saturday.
The kingdom plans to cut 278 million tonnes of carbon emissions by 2030, he said in recorded comments.
This would entail investments of more than 700 billion Saudi riyals that will create opportunities for investors, more jobs and the development of a green economy, he said.
“The Saudi Green Initiative will provide huge investment opportunities for the private sector, quality job opportunities for the next generation of leaders in the kingdom and enhanced international relationships that will have a positive impact on the region and the world,” Prince Mohammed said.
Saudi Arabia, which became the second Gulf country after the UAE to unveil a net-zero target, said it would achieve this goal through the Carbon Circular Economy approach. The announcement comes ahead of the crucial Cop26 climate conference in Glasgow next month.
In a separate session, Saudi Arabia’s energy minister Prince Abdulaziz bin Salman said that the kingdom could achieve its net-zero target earlier than 2060.
The kingdom also seeks to join the Global Methane Pledge to contribute to cutting global methane emissions by 30 per cent by 2030.
Dr Sultan Al Jaber, Minister of Industry and Advanced Technology and UAE Special Envoy for Climate Change, called it a “land-mark, bold and long-term” strategic initiative.
“If any one can pull this off, it’s the weight, depth and strength of Saudi Arabia that will enable the world to seriously address the threats of climate change,” he said during a discussion at the SGI.
Dr Al Jaber called it a “paradigm shift” and a “step-change” for climate change dialogue and an example of how the region can help address global challenges.
Meanwhile, Patricia Espinosa, executive secretary of the United Nations Framework Convention on Climate Change (UNFCCC), said Saudi Arabia’s target sends a “powerful signal at the right moment” and added that more countries need to come to Cop26 with bold decisions and high levels of ambition.
“For an oil-producing country, this is a game-changing, history-changing decision,” she said.
Prince Abdulaziz said that the kingdom has sent its nationally determined contributions (NDCs) to the UNFCCC already.
The SGI will be a platform to launch more than 60 environmental initiatives and will be held every year as part of efforts to hold the kingdom accountable to its goals, he said.
“There’s no question in my mind, that if we wanted to do this event for a PR stunt, we wouldn’t commit to do this event on a yearly basis,” the energy minister added.
