Saudi aims to reach net-zero by 2060

The announcement, made by Crown Prince Mohammed bin Salman in brief scripted remarks at the start of the kingdom’s first-ever Saudi Green Initiative Forum, was timed to make a splash a little more than a week before the start of the global COP26 climate conference being held in Glasgow, Scotland.

Although the kingdom will aim to reduce its emissions, Prince Mohammed said the kingdom would do so through a so-called “Carbon Circular Economy” approach.

That approach focuses on still unreliable carbon capture and storage technologies over efforts to actually reduce global reliance on fossil fuels.

The announcement only pertains to Saudi Arabia’s efforts within its national borders, and does not impact its continued aggressive investment in oil and exporting its fossil fuels to Asia and other regions.

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 by the Saudi Green Initiative forum said.

The kingdom’s oil and gas exports form the backbone of its economy, despite efforts to diversify away from reliance on fossil fuels for revenue.

The global summit COP26 starting Oct. 31 will draw heads of state from across the world to try and tackle global warming and its challenges. It is being described as “the world’s last best chance ” to prevent global warming from reaching dangerous levels. The summit is expected to see a flurry of new commitments from governments and businesses to reduce their emissions of greenhouse gases.