The target expressly only applies to greenhouse gas emissions within our own national borders. According to United Nations rules, the country does not have to count the emissions resulting from the use of Saudi oil in other countries. Therefore, Saudi Arabia, which is heavily dependent on oil revenues for its revenue, does not need to cut back its fossil fuel production. A project to further increase oil production can therefore continue despite the climate plans.
Saudi Arabia says the world will need oil for decades to come. According to experts, the goal to be CO2 neutral by 2060 is therefore primarily a gesture to the Western world. He expects that Saudi Arabia will continue to try to frustrate things such as the phasing out of investments in fossil fuels during negotiations on climate agreements.
However, oil-producing countries have also been showing signs of reversal for some time now. Earlier this month, the United Arab Emirates announced its intention to neutralize its CO2 emissions by 2050. Like Saudi Arabia, Russia has announced that it wants to do so by 2060.
Oil state Saudi Arabia wants to be climate neutral by 2060 | Financial
Source link Oil state Saudi Arabia wants to be climate neutral by 2060 | Financial