Save for later Print Download Share LinkedIn Twitter Saudi Arabia and Qatar have teamed up with the US, Canada and Norway to establish a so-called Net-Zero Producers Forum, a sign that energy transition pressures -- and how to respond to them -- are building. "Canada, Norway, Qatar, Saudi Arabia and the United States, collectively representing 40% of global oil and gas production, will come together to form a cooperative forum that will develop pragmatic net-zero emission strategies," the five countries said in a joint statement. These strategies will include "methane abatement, advancing the circular carbon economy approach, development and deployment of clean-energy and carbon capture and storage technologies, diversification from reliance on hydrocarbon revenues, and other measures in line with each country’s national circumstances," the statement added. No additional details were provided about what concrete steps the group will take next. The announcement was after the climate summit convened by US President Joe Biden, which resulted in several commitments to accelerate reductions in greenhouse gas (GHG) emissions. Many of the world leaders who took part in the summit emphasized that carbon pricing will be critical to turning goals into results (OD Apr.22'21). The five countries that belong to the new group have made varying degrees of progress toward their climate targets, but cooperation among them will provide opportunities for cross learning and exchanging ideas. "These countries have different challenges -- Canada with heavy oil, Qatar with LNG, Norway and its offshore -- they are broad and different. But they also have different areas where they have strengths," Mills said.
