The Saudi Arabian government recently held their inaugural Saudi Green Initiative (SGI) Forum, at which they declared their goal to achieve “net zero” greenhouse gas emissions by the year 2060. This places one of the most significant global oil producers as part of an ambitious initiative to address environmental degradation and promote sustainability. This article dives deeper into Saudi Arabia’s emission reduction plans, the concept of net-zero carbon emissions, and the concerns raised by this target.
Saudi Arabia’s Ambitious Environmental Target
In a bid to combat environmental degradation and reduce carbon emissions, Saudi Arabia has set itself an ambitious target. Harnessing its position as one of the world’s largest oil producers, the country aims to achieve zero-net emissions by the year 2060 under its circular carbon economy program.
In addition, Saudi Arabia remains committed to ensuring the security and stability of global oil markets. The kingdom’s approach involves using carbon capture and storage technologies that are currently unreliable instead of directly reducing global reliance on fossil fuels.
Saudi Arabia also intends to join an international initiative seeking to cut methane emissions by 30% from 2020 levels by 2030 – a move strongly advocated by both the United States and the European Union.
Understanding the Net Zero Target
Achieving carbon neutrality, or net zero, means that a country’s carbon emissions are offset by the absorption and removal of greenhouse gases from the atmosphere. It does not imply that a country must reduce its emissions to zero; a situation known as gross-zero.
However, striving for net-zero carbon targets has stirred controversy. A recent report by Oxfam International postulates that these targets may distract from the crucial objective of decreasing carbon emissions. More than 100 countries have either set or are contemplating net-zero emissions or neutrality objectives.
The State of Affairs in India
As it stands, India is the fourth-largest carbon emitter globally, following China, the United States, and the European Union. According to the Intergovernmental Panel on Climate Change’s sixth assessment report, India is among the countries most drastically affected by climate change.
India has pledged to decrease the emission intensity of its GDP by 33-35% by 2030 and to have a renewable energy capacity of 175 gigawatts by 2030. However, rather than pursuing a net-zero strategy, India seems more likely to focus on enhancing its transition toward green energy.
In this context, India holds the view that developed countries should be primarily responsible for reducing emissions dramatically. These developed nations are also expected to compensate poorer countries for environmental damage caused by their past emissions.
A recent study by the Council for Energy, Environment, and Water projects suggests that to achieve the net-zero target even by 2070, India must peak its coal usage by 2040 and decrease it by 99% between 2040 and 2060.
Circular Carbon Economy
The circular carbon economy model is a critical part of Saudi Arabia’s plan. This framework aids in managing and reducing emissions by creating a closed-loop system involving four key actions: Reduce, Reuse, Recycle, and Remove. This system offers a novel approach to addressing carbon emissions while allowing for economic growth.
