Saudi Arabia Committed to Net-Zero Target, Prince Abdulaziz Urges Trust in OPEC+
By Saudi Arabia is leading the way in sustainable energy generation, with a net-zero target for 2060.[0] A top official of the Saudi energy body made clear that the country is committed to transitioning to renewables but not at the cost of traditional fuels, as the world still needs adequate supply to meet its demand.
Prince Abdulaziz bin Salman, Saudi Arabia's energy minister, reiterated that the kingdom will remain cautious about raising oil production, even as several prominent analysts say rising demand will soon cause prices to rise beyond $100 a barrel.[1] He added that the kingdom will invest in modernizing its grid and spend some $270 billion on low-carbon energy projects by 2030.
The minister noted that OPEC+ had been proved correct with its decision in October to cut output by 2 million barrels a day, but lamented that if people had trusted the group then, “we wouldn’t have undergone the trepidations that happened.”[2]
Prince Abdulaziz warned that all these trade measures would affect the energy market, saying that they would ultimately lead to a “lack of energy supplies of all kinds when they are most needed.”[3] He urged people to trust the OPEC+ group in their decisions, as the world needs adequate energy supplies to meet its demand.
0. “Spotlight shed on inequalities over energy – Chinadaily.com.cn” China Daily, 4 Feb. 2023, https://global.chinadaily.com.cn/a/202302/05/WS63dfa831a31057c47ebacffa.html
1. “Saudi Arabia's Energy Minister Reiterated That the Kingdom Will Remain Cautious About … – Latest Tweet by” LatestLY, 5 Feb. 2023, https://www.latestly.com/socially/business/saudi-arabias-energy-minister-reiterated-that-the-kingdom-will-remain-cautious-about-latest-tweet-by-bloomberg-4799081.html
2. “Saudi Arabia's Oil Chief Says He'll Keep Cautious on Output” Regina Leader Post, 4 Feb. 2023, https://leaderpost.com/pmn/business-pmn/saudi-arabias-oil-chief-says-hell-keep-cautious-on-output
3. “Saudi Aramco slashes supply chain emissions by 23% since 2015, chairman reveals” Arab News, 2 Feb. 2023, https://www.arabnews.com/node/2243726/business-economy
