Global oil producer, Saudi Arabia has recently stated that it intends to reach zero greenhouse gas emission levels by 2060, thereby joining the bandwagon with other 100 countries towards limiting the impact of climate change.

Although the kingdom plans to reduce emissions within its borders, there is no information if it will cut down the investments in oil and gas or will be shifting away from fossil fuel production.

Oil and gas export is Saudi Arabia's economic backbone, regardless of the efforts to expand revenue as the world is transitioning away from being dependent on fossil fuels.

As per estimates, the country is set to generate revenue of $150 billion from oil alone this year.

Mohammed bin Salman, Crown Prince of Saudi Arabia, pledged at the kingdom's first-ever Saudi Green Initiative Forum that Saudi Arabia will plant 450 million trees and naturalize huge swaths of land by 2030, cutting more than 270 million tons of carbon emissions a year and trying to turn the non-coastal city of Riyadh into a more supportable capital.

Saudi Arabia joins the ranking of Russia and China on their aimed net-zero target date of 2060. However, the US and European Union have aimed for 2050.

Saudi Energy Minister, Prince Abdulaziz bin Salman said at the forum in Riyadh that there is no secret that the export of energy sources drives the kingdom's economic growth.

In order to shift internally, the kingdom may take the oil and gas it now supports and assign a more profitable export to China and India, where demand is likely to rise in the coming years.

According to Saudi Arabia, it will get to net-zero through a so-called "Carbon Circular Economy" approach, which advocates the 4R strategy "reduce, reuse, recycle and remove."

Source Credit - https://www.csmonitor.com/Environment/2021/1024/Saudi-Arabia-joins-pledge-for-net-zero-carbon-emissions-by-2060