Why Gulf Oil Producers Should Commit to Carbon Neutrality
There are growing hints the UAE may announce a net-zero carbon emissions target ahead of the COP26 climate conference this November. Saudi Arabia also may agree to a carbon-neutral goal for around 2050, according to the US climate envoy, John Kerry. So, should Gulf oil producers truly commit to carbon neutrality, and if so how would they get there?
At first encounter, even asking the question seems bizarre. The region remains the world’s premier locus of hydrocarbon exports, the foundation of its economy. But the global winds are changing. By the end of last year, over two-thirds of the global economy had set, or had planned to set, net-zero targets, mostly around 2050, or 2060 in the case of China. As record heatwaves sweep the Middle East and the US, eliminating net greenhouse-gas emissions is necessary to keep global warming rises below 1.5 degrees centigrade by the end of the century.