Saudi Arabia, the largest oil producer, declared ‘carbon neutral’ by 2060, but… A ‘drawing line’ in the eradication of fossil fuels

Saudi Arabia, the world’s largest oil producer, has expressed its intention to actively participate in global efforts to combat climate change. The goal is to achieve carbon neutrality by 2060 and to double the amount of carbon emission reduction by 2030. This is a welcome move given that Saudi Arabia is a producer of fossil fuels, the main culprit of greenhouse gases. However, there are no specific roadmaps and there are many voices skeptical of its effectiveness because there is no specific roadmap and no consideration of fossil fuel eradication at all.

According to Reuters and the Associated Press on the 23rd (local time), Saudi Crown Prince Mohammed bin Salman said at the ‘Saudi Green Initiative (SGI)’ forum held on the same day, “We will bring Saudi Arabia’s net carbon emissions to zero by 2060.” said. In addition, the annual carbon emission reduction target by 2030 has been raised to 277 million tons, double the previous (130 million tons). To this end, they will invest $190 million (about KRW 223.4 billion) and participate in the ‘Global Methane Pledge’, in which 24 countries agree to reduce methane gas emissions by 30% by 2030.

It is encouraging that Saudi Arabia expressed such a will ahead of the 26th United Nations Framework Convention on Climate Change (COP26), which will be held in Glasgow, UK on the 31st of this month. However, the target date is 10 years later than the 2050 suggested by most countries such as the United States and the European Union (EU). Like Saudi Arabia, China and Russia, which set targets for 2060, were also criticized for being ‘lukewarm in responding to the climate crisis’.

In addition, it firmly refused to reduce or eliminate fossil fuels. It is argued that ‘a hasty policy change could lead to price spikes and fuel shortages’. But the truth is clear. It is not possible to give up economic benefits. Saudi Arabia’s oil exports this year, which account for 10% of the world’s oil supply, are expected to reach $150 billion (176.4 trillion won).

Amin Nasser, CEO of Aramco, a state-owned oil company, said on the same day that “(our company) will achieve its own carbon neutrality by 2050 while expanding its oil and natural gas production capacity.” It’s a nonsensical argument that doesn’t match. “Saudi’s carbon-neutral goal does not say that it will reduce investment in oil and natural gas or reduce dependence on fossil fuels,” the Associated Press said.

What Saudi Arabia has mentioned as an alternative is carbon capture and storage technology. However, this technology only appears eco-friendly on the outside, and is criticized as a ‘trick’ to prolong the life of fossil fuels while avoiding responsibility for greenhouse gas emissions. Moreover, Saudi Arabia is lagging behind in the development of eco-friendly and renewable energy. The first renewable energy plant started operation in April and the first wind power plant in August. The non-profit organization ‘Climate Change Tracking’ has rated Saudi Arabia’s response level to climate change as ‘severely inadequate’, the lowest level.

As the carbon neutral targets of countries including Saudi Arabia do not meet expectations, a gloomy shadow is cast on COP26. This meeting is a place for the parties to the 2015 Paris Agreement on Climate Change to review the implementation status and to coordinate the carbon emission reduction plans promised in Paris. Aloque Sharma, COP26 chairman, said in an interview with the British daily The Guardian, “We are in a situation where we skip the difficult questions in the exam and look back at the questions left before submitting the answer sheet. said that

Kim Pyo-hyang reporter suzak@hankookilbo.com