Saudi Arabia’s ambition to cut carbon emissions to net zero by 2060 is dependent on a revolution in technology, the country’s energy minister has said.
Speaking at the Future Investment Initiative Forum in Riyadh, Prince Abdulaziz bin Salman bin Abdulaziz Al Saud indicated the goal could be achieved earlier than planned if there are sufficient developments in the technology sector.
“The Circular Carbon Economy depends on revolution of tech,” he said, adding: “If technology evolves faster we don't have to wait till 2060, we could reach it earlier.”
Despite the pledges to reach net zero and become a global leader in renewable energy, Saudi Arabia wants to stay as one of the leading oil producing countries in the world, according to a strategy released by the minister.
The “claim and retain leadership” blueprint shows the Kingdom aiming to continue its dominance in oil, with “preeminence in energy markets” listed as one of its top goals.
Energy security, economic prosperity, and the well-being of people are the three key pillars of Saudi Arabia’s circular carbon economy agenda, the minister added.