Oil giant Saudi Arabia pledges to achieve carbon neutrality by 2060

Crown Prince Mohammed bin Salman announced that Saudi Arabia aims to achieve net-zero carbon emissions by 2060, with more than 60 initiatives planned at an initial cost of almost $190 billion. The goal refers to emissions produced domestically and does not apply to hydrocarbons exported and combusted elsewhere. Renewables, carbon capture, utilization and storage, direct air capture and hydrogen are some of the projects that the country will develop to meet this goal. The Saudi energy minister said 2060 was the chosen year to reach net zero because most technologies needed for the energy transformation won’t be “mature” until 2040. Saudi Arabia is currently the world’s largest crude oil exporter.