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Saudi Arabia and other top oil and gas producers have teamed up to help implement the Paris Agreement on climate change and move towards achieving net zero emissions.
Other countries who are part of the Net Zero Producers Forum are the US, Canada, Norway, and Qatar.
The Saudi energy ministry recognized the global impact of climate change, reiterating the Kingdom’s commitment to the full implementation of the Paris Agreement.
“Canada, Norway, Qatar, Saudi Arabia and the United States, collectively representing about 40 percent of global oil and gas production, will come together to form a cooperative forum that will develop pragmatic net zero emission strategies,” according to a joint statement from the member countries.
The strategies include methane abatement, advancing the circular carbon economy approach, development and deployment of clean-energy and carbon capture and storage technologies, as well as diversification from reliance on hydrocarbon revenues, it said.
The forum will help the countries remain accountable to the goals of the Paris Agreement, which recognizes unique national circumstances in achieving emission targets.
Saudi Arabia, in particular, said it was a “strong advocate of the key role that technology and innovation can play” in the fight against climate change, while highlighting the importance of collaboration in the international community.
The announcement comes as world leaders gather for US President Joe Biden’s climate summit, where setting goals for emission reductions was a key discussion point.
Analysts have pointed out the growing optimism in international climate action in recent years.
“The willingness of all the world’s major leaders to take part in Biden’s summit is encouraging,” Ed Crooks, vice chair of global natural resources consultancy Wood Mackenzie’s Americas unit, said.
