RIYADH: Saudi Arabia’s nationally determined contributions and net zero carbon goals are important developments since the Paris agreement John Kerry, U.S. Special Presidential Envoy for Climate, told delegates at the Middle East Green Initiative.
The Paris Agreement is a legally binding international treaty on climate change signed at COP 21 in Paris, on 12 December 2015.
"I want to thank Saudi Arabia for its presentation of an updated NDC, and the next zero goal which is a major step forward since Paris, It cannot be under estimated what it means to have one of the world’s largest fossil fuel producers step up at a moment when all countries need to step up."
He said as a result of US diplomatic efforts, many countries are now taking bolder climate actions.
Science is playing a bigger role today in shaping climate actions, he said.
Special Envoy Kerry said today: "I would just say to everybody, that this is not about politics. This is not about strategic balance of power. This is not about ideology.
"This is very simple. This is about science, and it’s about physics and mathematics and those telling us that we must accelerate - that we can still get the job done, but only if we make the key decision and it is implemented over the course of the next few years."
Speaking about how climate action will create commercial opportunities across global markets, he added: "This is the biggest market opportunity the world has ever known. It’s the biggest the market has ever known.
"It’s the biggest transformation that has ever taken place on this planet, since the industrial revolution, if we do it.“This is the biggest market opportunity the world has known with 4 to 5 billion users. I see trillion dollars to be invested" in the energy transition market opportunities, he added.
He said no government in the world has the money to fight climate actions alone, and countries need the private sector to support these efforts.
He highlighted that the global financial industry is helping tens of trillion of dollars to be moved into the energy transition market.
He warned that countries must work to reduce emissions in the next 10 years.
“Action to combat climate change must be accelerated,” he said.
Special Envoy Kerry also praised the launch of the Middle East Green Initiative by HRH the Crown Prince Mohammed bin Salman bin Abdulaziz Al Saud, adding: "The Middle East Green Initiative is different - it’s a reflection of the urgency of the moment.
He continued: "I acknowledge with humility that our country was away from this for several years. But now President Biden is back, he has had a summit which many of you took part in.
"And as a result of that and the diplomacy of the last months, we've had countries that have not necessarily been that consumed by this step up. There is clearly a movement now where people are recognizing the science and what is happening.”