Home Energy company Saudi SABIC targets carbon neutrality by 2050 – statement

Saudi SABIC targets carbon neutrality by 2050 – statement

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October 23 (Reuters) – Petrochemical giant Saudi Basic Industries Corp (SABIC) (2010.SE) on Saturday announced its intention to achieve carbon neutrality by 2050, the company said in a statement on the sidelines of the summit. ‘Saudi Green Initiative.

“SABIC is committed to respecting the objectives of the Paris Agreement and will continuously pursue its efforts and explore solutions to achieve the carbon neutrality of the operations under our control by 2050, taking into account the different ambitions, commitments and regional and national initiatives, ”the world’s fourth largest petrochemical company by sales said.

“By focusing on our direct and indirect emissions generated by our own production, we aim to reduce our greenhouse gas emissions by 2030 worldwide by 20% compared to 2018,” he added. .

Speaking at the Saudi Green Initiative (SGI) in Riyadh on Saturday, Crown Prince Mohammed bin Salman said the world’s largest oil exporter aims to achieve “net zero” greenhouse gas emissions – mostly produced by burning fossil fuels – by 2060 – 10 years later than the United States. He also said he would double the emission reductions he plans to achieve by 2030. read more

In May, the International Energy Agency (IEA), the world’s largest energy body, said in its “Net Zero by 2050” report that investors should not fund new energy projects. supply of oil, gas and coal beyond this year.

Ahead of the UN climate summit which will start in late October, the IEA said investments in renewable energy must triple by the end of the decade if the world hopes to effectively tackle climate change and keep it under control. volatile energy markets.

Reporting by Marwa Rashad; Writing of Moaz Abd-Alaziz; Editing by Christina Fincher

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