Saudi Arabia is on the way to revealing “green” targets

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Saudi Arabia is on the way to revealing targets

Reuters HUSEYIN ALDEMIR

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Saudi Arabia, which is the largest oil exporter, seeks today, Saturday, to announce the details of its plans to confront climate change within an environmental event.

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While the Kingdom has not yet disclosed specific contributions at the national level, which are country-by-country targets as part of global efforts to prevent average global temperatures from rising more than 1.5 degrees Celsius above pre-industrial levels.

The Green Saudi Initiative, which was first announced last March, came ahead of the 26th United Nations Climate Change Conference (COP26) in Glasgow from October 31 to November 12, which aims to agree on deeper emissions cuts to combat global warming.

For its part, Saudi Arabia pledges to reduce carbon emissions by more than 4% of global contributions through initiatives that include generating 50% of its energy needs from renewable energy sources by 2030 and planting billions of trees in the desert country, and has not yet set a target to reduce emissions to zero. The other Gulf state and also a member of OPEC, the UAE, announced earlier this month a plan to reduce net emissions to zero by 2050.

The United States and the European Union also want Saudi Arabia to join a global initiative to cut methane emissions 30% from 2020 levels by 2030, as US climate envoy John Kerry is scheduled to attend a broader green summit in the Middle East hosted by Riyadh on Monday.

On the other hand, the Kingdom is under criticism, despite its pursuit of renewable energy and its steps towards improving energy efficiency, as Climate Action Tracker gave it the lowest possible rating at “seriously insufficient”, as Saudi Arabia’s economy is still highly dependent on income from oil. Diversification of the economy’s sources did not live up to the ambitions set by Crown Prince Mohammed bin Salman, according to “Reuters”.

“Reuters” quoted Saudi officials as saying that “the world will continue to need Saudi crude for decades to come,” while noting that many experts confirmed that “it is too early to know the impact of the emerging solar and wind energy projects in Saudi Arabia,” as it opened its first stations. Renewable Energy last April and its first wind farm started generating electricity in August.

Giant projects, such as the future city of NEOM, also include plans for green energy, which includes a hydrogen production facility at a cost of five billion dollars, and Saudi entities linked to the state focus on raising funds related to green projects.

In addition to the above, some investors were concerned about the kingdom’s carbon footprint, others pointed out that Saudi Arabia emits the least amount of carbon per barrel of oil, and that MBS is serious about diversifying the economy.

Source: “Reuters”





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