Oil-rich Saudis revealing green goals

Saudi Arabia, one of the world’s largest pollutants and a major oil exporter, prepares to elaborate on its plans to address climate change as Gulf countries are under pressure to set ambitious emission reduction targets. Is done.

The Saudi Green Initiative on Saturday, first announced in March, precedes the 26th Conference of the Parties to Climate Change (COP26) in Glasgow from October 31st to November 12th.

Riyadh, the signatories of the Paris Climate Agreement, has not yet announced its nationally determined contributions. This is the goal of individual states under global efforts to prevent average temperatures from exceeding pre-industrial levels above 1.5 ° C.

The United States and the EU hope that Saudi Arabia will participate in a global initiative to reduce methane emissions by 30% from 2020 levels by 2030.

Saudi Arabia will generate 50% of its energy demand from renewables by 2030 and reduce carbon emissions by more than 4% of its global contribution through initiatives such as planting billions of trees in desert states I promised to do it.

The Net Zero goal has not yet been set.

The United Arab Emirates, producer of Gulf OPEC, announced plans for net zero emissions by 2050 earlier this month.

Despite the move to promote renewable energy and improve energy efficiency, Saudi Arabia has been criticized for being too slow and the Climate Action Tracker ranks it as “very inadequate” as low as possible.

The kingdom’s economy remains heavily dependent on oil revenues, as economic diversification lags behind the ambitions set by Crown Prince Mohammed Bin Salman.

Experts say it’s too early to tell what the impact of Saudi Arabia’s early solar and wind projects will be. The first renewable energy plant opened in April and the first wind farm started generating electricity in August.

Megaprojects such as the Future City NEOM also include a $ 5 billion (A $ 6.7 billion) hydrogen plant in a green energy program, and Saudi Arabian state-linked entities have shifted their focus to green financing. I am.

Some investors have expressed concern about the Kingdom’s carbon dioxide emissions. Saudi Arabia has the lowest carbon emissions per barrel of oil, and some say that the de facto ruler, Prince Mohammed, is serious about diversifying the economy.

“Obviously the carbon footprint is a problem, but the reality is that the phasing out of carbon has slowed down and oil is still here for a while,” said Tim Ash of BlueBay Asset Management in an email.

Oil-rich Saudis revealing green goals

Source link Oil-rich Saudis revealing green goals

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