Saudi Arabia has made a commitment that it will reduce its environmental impact, but the timeline won't please all. Reuters reports that Crown Prince Mohammed bin Salman, energy minister Prince Abdulaziz bin Salman, now expect Saudi Arabia's net zero emission goal by 2060. This is why the EU, United Arab Emirates and US have set a 2050 goal.
The circular carbon economy program would help the kingdom reach net zero while also boosting the stability and security of the oil markets around the world. Although the princes claimed that Saudi Arabia would reduce its CO2 emissions by more than twice by 2030, they said that Saudi Arabia needed to take time to transition.
Saudi Arabia's Crown Prince stated that there was a possibility of reaching its goal before 2060. State oil producer Saudi Aramco also hopes to reach net zero in 2050. The country has moved slowly. It opened its first renewable energy facility in April and its first wind farm August. It is still planning to open its first hydrogen fuel station.
It's not surprising that the conservative schedule is so common. Saudi Arabia has been diversifying its economy but oil and gas still account for about half of the country's gross national product and 70% of its exports. The kingdom's core business could be affected by aggressive emissions reductions.
However, this dependence could also cause problems. Some states in the US and the UK have already banned new combustion engine passenger cars for at least 10 to 15 years. Others may follow. If electric vehicle sales increase faster than expected, oil exporters such as Saudi Arabia might need to adjust their emission targets.