IEA needs a balanced approach to achieve net zero by 2050
A recent report released by the International Energy Agency outlining its strategy to achieve net zero by 2050 has sparked a heated debate around the world.
The document titled “Net Zero by 2050: A Roadmap for the Global Energy Sector” draws a roadmap for the global energy sector to cut carbon emissions and transition to net zero. Interestingly, the agency also acknowledged the fact that achieving the goals outlined in the report is a challenging undertaking in its history.
IEA believes in order to achieve those goals all stakeholders including governments, businesses, investors, and citizens must not leave any stone unturned. All stakeholders, it says, should make continuous efforts until all the goals are successfully met.
Analysts, however, believe that the assumptions laid out in the IEA report are likely to disrupt the world's energy supplies and might lead to a supply crunch.
It is worth noting that Saudi Arabia is taking several measures to cut carbon emissions for the greater good of humanity. Being the world’s top oil producer and exporter, the Kingdom has also maintained a policy aimed at ensuring global energy security.
In a bid to mitigate the impacts of climate change, Riyadh is working round the clock to ensure a smooth transition to clean energy sources. Its policies, however, are based on realistic and impartial scientific findings to ensure an uninterrupted and smooth supply of fossil fuel to the world.
Saudi Arabia has pledged to achieve net zero by 2060 and making efforts to cut carbon emissions by more than 278 metric tons per year by 2030. The Kingdom’s efforts are based on three key pillars: environment protection, sustainable energy supply, and confronting the negative effects of climate change through sustainable efforts.
As part of its efforts to effectively fight climate change, Saudi Arabia has launched the Circular Carbon Economy National Program to draw a comprehensive roadmap, which includes localization and advancement of technology.
The Kingdom also launched the Saudi Green Initiative, which aims to plant 10 billion trees and rehabilitate 40 million hectares of land over the coming decades. This initiative will support the Kingdom’s efforts to offset emissions, improve quality of life, and protect the environment in line with its Vision 2030 plan.
Through its wise and balanced initiatives, Saudi Arabia has emerged as a secure source of energy that has adopted a balanced approach in the global fight against climate change and carbon emissions.
Since the launch of Vision 2030, Saudi Arabia has made tremendous progress in addressing its unique environmental challenges and becoming a pioneer in its commitment to reach net-zero emissions.
Saudi Arabia, through its several initiatives to adopt clean sources of energy, has placed itself among the top countries in the world to reduce carbon dioxide.
The Kingdom has proven to the world its seriousness in its efforts to achieve a smooth transition to clean energy.
- Talat Zaki Hafiz is an economist and financial analyst. Twitter: @TalatHafiz.