Saudi Arabia pledges 2060 target of net-zero emissions

ONE of the world’s largest oil producers, Saudi Arabia, announced Saturday it aims to reach “net zero” greenhouse gas emissions by 2060, joining more than 100 countries in a global effort to try and curb man-made climate change.

Although the kingdom will aim to reduce emissions within its own borders, there is no indication Saudi Arabia will slow down investments in oil and gas or relinquish sway over energy markets by moving away from the production of fossil fuels. Energy exports form the backbone of Saudi Arabia’s economy, despite efforts to diversify revenue as the world increasingly looks to transition away from reliance on fossil fuels. The country is forecast to make $150 billion in revenue this year from oil alone.

The announcement, made by Crown Prince Mohammed bin Salman in scripted remarks at the start of the kingdom’s first-ever Saudi Green Initiative Forum, was timed to make a splash