Saudi has set a goal of achieving net zero carbon by 2060 with a £ 130 billion investment in carbon capture technology.

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Saudi Arabia We promised to reduce carbon dioxide emissions to net zero by 2060.

Producing more than one-tenth of the world’s crude oil, the country joins more than 100 countries that have set net-zero goals.

Saudi Arabia’s first renewable energy plant just opened in April and its first wind farm was launched in August, delaying efforts so far.

Crown Prince Mohammed Bin Salman speaking at the Saudi Green Initiative Forum last week

However, to reach its net zero goal, it has invested £ 130 billion in methods such as carbon capture technology and is building a £ 4 billion hydrogen plant.

Gulf countries also plan to double their planned emission reductions by 2030.

Crown Prince Mohammed Bin Salman made a presentation prior to the Cop26 Climate Conference.

But he said Saudi Arabia will still produce oil for decades to come.

The head of state-owned oil giant Saudi Aramco Amin Nacelle (pictured) plans to expand its oil and gas production capacity while achieving net zero emissions from its business by 2050.

The head of state-owned oil giant Saudi Aramco Amin Nacelle (pictured) plans to expand its oil and gas production capacity while achieving net zero emissions from its business by 2050.

The head of state-owned oil giant Saudi Aramco Amin Nacelle (pictured) plans to expand its oil and gas production capacity while achieving net zero emissions from its business by 2050.

Its net zero target applies only to domestic emissions, meaning that oil and gas exports can continue.

Amin Nasser, head of state-owned oil giant Saudi Aramco, aims to expand its oil and gas production capacity while achieving net zero emissions from its business by 2050.

It aims to reduce annual carbon dioxide emissions by 278 million tonnes by 2030, up from the previous target of 130 million tonnes.

Nacelle said “demonizing” hydrocarbons is counterproductive.

He also called for more global investment to ensure adequate oil supplies.

Crown Prince announced pledge prior to Cop26 Climate Conference

Crown Prince announced pledge prior to Cop26 Climate Conference

Crown Prince announced pledge prior to Cop26 Climate Conference

The Crown Prince and his energy minister said Saudi Arabia would tackle climate change, but also emphasized the continued importance of hydrocarbons and said they would continue to ensure the stability of the oil market.

Energy Minister Prince Abdulaziz bin Salman said the world needs fossil fuels as well as renewable energy.

Another Gulf oil producer, the United Arab Emirates, announced this month its plans for net zero emissions by 2050.

The non-profit Climate Action Tracker Consortium gives Saudi Arabia the lowest ranking of “critically inadequate.”