Saudi pledges net zero by 2060, but no oil exit plan

(Climate Home News, 25 Oct 2021) Saudi Arabia has pledged to reach net zero by 2060, without diminishing its position as the world’s leading oil producer.

One week ahead of Cop26, the Gulf state announced it will slash its emissions to net zero by 2060 and strengthen its carbon target this decade – subject to revenue from exporting oil and gas.

Neither target counts the emissions from the burning of huge amounts of oil that Saudi Arabia exports to other countries, leaving climate watchers unimpressed. The Gulf state pumps one in 10 oil barrels consumed each day in the world.

Crown prince Mohammed bin Salman announced he would invest 700 billion riyals ($187 billion) in climate action this decade and stressed that Saudi Arabia would continue producing oil and gas. The targets would be achieved “while preserving and reinforcing the kingdom’s leading role in the security and stability of global energy markets, with the availability and maturity of required technologies to manage and reduce emissions,” he said at an environment summit in Riyadh on Saturday, before meeting with US climate envoy John Kerry on Monday.

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Climate Home News, 25 Oct 2021: Saudi pledges net zero by 2060, but no oil exit plan