Saudi Arabia to meet carbon neutrality by 2050: SABIC

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Saudi Arabia to meet carbon neutrality by 2050: SABIC

Oct 23 Reuters - Petrochemicals giant Saudi Basic Industries Corp SABIC announced plans on Saturday to meet carbon neutrality by 2050, the company said in a statement on the sidelines of the Saudi Green Initiative summit.

SABIC is committed to the Paris Agreement goals and will continue to pursue efforts and explore solutions to achieve carbon neutrality from operations under our control by 2050, taking into account the different regional and national ambitions, commitments and initiatives the world's fourth largest petrochemical company by sales said.

Focusing on our direct and indirect emissions generated by our own production, we aim to reduce our greenhouse gas emissions by 2030 worldwide by 20% compared to 2018 it added.

Crown Prince Mohammed bin Salman said at the Saudi Green Initiative SGI in Riyadh on Saturday that the world's top oil exporter aimed to reach 'net zero' emissions of greenhouse gases - mostly produced by burning fossil fuels - by years later than the United States. He also said it would double the emissions cuts it plans to achieve by 2030.

In May, the International Energy Agency IEA, the world's top energy body, said in its Net Zero by 2050 report that investors should not fund new oil, gas and coal supply projects beyond this year.

Ahead of a U.N. climate summit that starts at the end of October, the IEA said investment in renewable energy needs to triple by the end of the decade if the world hopes to effectively fight climate change and keep volatile energy markets under control.