Saudi Arabia Joins Net-Zero Movement

Copyright © 2021 Energy Intelligence Group

Recent net-zero pledges from leading oil producers Saudi Arabia, Russia and the United Arab Emirates send a positive message ahead of the COP26 climate summit in Glasgow. Their pledges mark a significant symbolic shift in the attitudes of these states. More than ever before, top producers feel the need to join the climate conversation — not only to remain credible actors on the world stage, but also to manage the pace of the low-carbon energy transition that threatens the future of their most valued commodity, oil. Similar to the UAE’s announcement earlier this month, Saudi Arabia’s 2060 plan to achieve net-zero emissions lacked details, with energy insiders saying that initiatives will be revealed over time. Saudi Energy Minister Prince Abdulaziz bin Salman said this week the reason the kingdom set its target at 2060, rather than 2050 like the UAE, the EU and the US, is because of the expectation that some technologies needed to achieve the goal will not mature until after 2040. Russia is also targeting carbon neutrality by 2060, while LNG powerhouse Australia this week set a 2050 target.

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