{"id":82630,"date":"2023-12-07T00:00:00","date_gmt":"2023-12-07T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2023\/12\/07\/team-ksa-reiterates-that-the-green-transition-is-more-about-zero-emissions-than-the-fuel-mix\/"},"modified":"2023-12-07T00:00:00","modified_gmt":"2023-12-07T00:00:00","slug":"team-ksa-reiterates-that-the-green-transition-is-more-about-zero-emissions-than-the-fuel-mix","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2023\/12\/07\/team-ksa-reiterates-that-the-green-transition-is-more-about-zero-emissions-than-the-fuel-mix\/","title":{"rendered":"Team KSA reiterates that the green transition is more about zero emissions than the fuel mix"},"content":{"rendered":"

Saudi Arabia is in the spotlight for a blanket refusal earlier this week to agree to <\/strong>phase-out hydrocarbons<\/strong>, positioning us as a potential spoiler in the final week of COP28. But the Kingdom\u2019s policy was (and remains) consistent: Proceeds from the sale of oil and gas aren\u2019t just key to Saudi\u2019s drive to build a diverse, non-oil economy \u2014 hydrocarbons are critical to economic development around the world. <\/p>\n

\u201c<\/strong>Fossil fuels will be with us for many, many decades to come,\u201d <\/strong>Saudi climate envoy Adel Al Jubeir told Arab News<\/a> in an interview on Tuesday, reiterating the government\u2019s belief that \u201cit is inconceivable to have economic development without having energy at reasonable prices \u2014 and fossil fuels provide that, oil and gas in particular.\u201d<\/p>\n

That doesn't mean KSA isn\u2019t investing heavily in everything green: <\/strong>Saudi Arabia has strategically directed investments totaling USD 186 bn into more than 80 projects and counting, Al Jubeir said, emphasizing the Kingdom\u2019s core position: The fight against global warming isn\u2019t about hydrocarbons in the fuel mix \u2014 it\u2019s about reaching net zero, full stop.<\/p>\n

Walking the talk:<\/strong> The Kingdom and the COP28 Presidency jointly launched a landmark Oil and Gas Decarbonization Charter (OGCD) in a bid to cut operational emissions from the sector by 2050, according to a statement by COP28<\/a> earlier this week. Aramco is one of the headline backers of the agreement. We have the details <\/strong>here<\/strong>. <\/strong><\/p>\n

Policymakers are all singing from the same hymn sheet:<\/strong> \u201cThe countries that call for a reduction in production of oil and gas, they should start with themselves\u2026 I haven\u2019t seen any of those countries come up with a timeline for reducing their own production of oil and gas, much less coal, which is a much, much worse polluter,\u201d Al Jubeir said. Energy Minister Prince Abdulaziz bin Salman echoed similar statements this week as he stressed opposition to a full fossil fuel phase out. \u201cI\u2019m not naming names. But those countries who really believe in phasing out and phasing down hydrocarbons, you should come out and put together a plan for how to start the first of January 2024,\" he told Bloomberg TV<\/a>.<\/p>\n

Some of the smallest oil producing nations including Denmark, Spain and France have <\/strong>made plans to stop drilling<\/strong>, according to data seen by Reuters<\/a> \u2014 easy when you don\u2019t make the list of top 30 global oil producers and have already built up the same renewable and nuclear energy industries that other countries are now scrambling to create. <\/p>\n

Want to go deeper on everything happening at COP28? <\/strong>Enterprise Climate has got your<\/a>back<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

The kingdom has directed investments totaling USD 186 bn across over 80 green projects<\/p>\n","protected":false},"author":1,"featured_media":82631,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4396],"tags":[594,228,10,596,545,595],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-82630","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-analysis","tag-adel-al-jubeir","tag-cop28","tag-enterpriseam-ksa","tag-news-analysis","tag-prince-abdulaziz-bin-salman","tag-saudi-green-initiative","wpautop","entry"],"acf":{"mongo_id":"856f5eca-927e-4b5c-8fe4-801d9ee3d6c2","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/12\/485.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Team KSA reiterates that the green transition is more about zero emissions than the fuel mix","related_issue":[82617],"teaser":"The kingdom has directed investments totaling USD 186 bn across over 80 green projects","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/1\/.ff5773fc-2f41-4df6-a57a-8a6ab81e2ba3.mp3"},"yoast_head":"\nTeam KSA reiterates that the green transition is more about zero emissions than the fuel mix - 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