The kingdom aims to reach Net Zero by 2060 through a Carbon Circular Economy approach. This first package of initiatives represents investments worth more than SAR700bn, which contributes to developing the green economy, creating job opportunities, and providing significant investment opportunities for the private sector in accordance with the country’s Vision 2030. The start of the first phase of afforestation initiatives by planting more than 450 million trees, in addition to rehabilitating eight million hectares of degraded lands, and allocating new protected areas, bringing the total protected areas in the Kingdom to more than 20 per cent of its total area. The kingdom’s intention to join the Global Oceans Alliance, the Alliance to Eliminate Plastic Wastes in Oceans and Beaches, the Sports for Climate Action Agreement, in addition to establishing a global center for sustainable tourism, and a non-profit foundation to explore the seas and oceans.
The kingdom’s efforts to make the share of gas and renewable energy in the energy mix 50 per cent for each of them by 2030, indicating that shale gas in the kingdom will contribute to providing 50 per cent of energy, while the remainder comes from renewable sources, and adding that this balance will reduce carbon emissions. In addition to developing innovative technologies for converting crude oil into chemical products, establishing new relationships within supply chains, expanding its petrochemical activity based on innovation, selling energy assets, and investing in hydrogen fuel production, the company will achieve net zero levels through its operations by 2050. Apart from Saudi Arabia, the UAE also announced earlier this month a new net zero 2050 Strategic Initiative to reduce carbon emissions, with the country aiming to spend over Dhs600bn on renewable energy until 2050.