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A top Saudi prince has said his country will reduce its carbon footprint by reducing oil production and subsidies and that it aims to reach a net-zero carbon emissions by 2060.
Prince Mohammed bin Salman, the crown prince, revealed his ambitious energy plans in an annual speech, in which he also reaffirmed pledges made in the past to reduce the country’s use of fossil fuels.
He said there was a “clear path to reducing oil production” and “a transparent plan for reaching a net-zero carbon emissions by 2060”.
“We have never intended for our country to go into the acquisition of nuclear technology,” he said at a royal conference in Riyadh.
On Friday the US president, Donald Trump, withdrew the United States from the 2015 Paris climate change agreement.
At the same time, however, Prince Mohammed launched an initiative that aims to promote sustainable technologies, including solar and electric vehicles.
He also cited significant oil investments in recent years to prevent it becoming the next big global resource bubble.
“So these countries put all their resources together and they sent the message to the world: We can produce lots of oil, and for that reason we created these gigantic deals for big oil in America, Canada, Kazakhstan, Qatar, etc.,” Prince Mohammed said.
“But these gigantic deals eventually came to a point when the oil companies started getting nervous and started asking for the exit. So suddenly there was an opening, and now we have a new era that came about, and this new era is called the clean energy.”