Saudi Energy Minister Prince Abdulaziz bin Salman said on Saturday that the kingdom’s newly announced goal of achieving net-zero carbon emissions by 2060 could be achieved before that and that it would not have an adverse financial or economic impact on the world’s largest oil exporter.
Prince Abdulaziz bin Salman, who was speaking at the Saudi Green Initiative forum, also said that most of the technologies needed to reduce emissions will reach maturity by 2040 and that the kingdom needs time to take appropriate action.
He added that the world needs all energy sources.
The Saudi Energy Minister indicated that the Kingdom will sign agreements on renewable energy and gas with other oil and gas producers in the region on Sunday.
In Riyadh, Saudi Crown Prince Mohammed bin Salman opened the first annual meeting of the Green Saudi Initiative, stressing that the Kingdom wants to achieve zero neutrality by 2060 through a circular carbon economy approach, following its growth objectives and allowing economic diversification.