Why Gulf oil producers should commit to carbon neutrality

Posted By : Rina Latuperissa
10 Min Read

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There are growing hints the United Arab Emirates may announce a net-zero carbon-emissions target ahead of the COP26 climate conference in 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, more than 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 North America, eliminating net greenhouse-gas emissions is necessary to keep global industrial-era temperature rises below 1.5 degrees Celsius by the end of the century.

Still, setting a target could be aspirational and not much more, a sign of concordance with other leading countries. But even that would send an important signal to those fossil-fuel exporters that have lagged on the issue of climate change, notably Russia and Australia.

To be somewhat cynical, if others do not achieve their goals, any shortfall from the Gulf Cooperation Council bloc will be overshadowed. If they do meet them, much of the GCC’s hydrocarbon economy will be obsolete anyway.

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