Saudi Arabia formally announced that it is to join Canada, United States of America, Qatar and Norway in forming the Net Zero Producers Forum.
About Net Zero Producers Forum
- The Net Zero Producers Forum has been formed for the oil and gas producers countries to discuss how to support the implementation of 2015 Paris Agreement.
- The Forum aims to develop pragmatic net zero emission strategies.
- The Forum will aim at Methane abatement.
- Also, it will target in advancing the circular carbon economy approach.
- The Forum will promote development and deployment of clean energy.
- Net Zero Producers Forum will support the development of carbon capture and storage technologies.
- Above all, it will march towards diversifying from reliance on hydrocarbon revenues.
Targets of the countries
- The USA has set a target of cutting emission levels by 50 per cent to 52 per cent as compared to that of 2005 levels. This was announced during the Leaders Summit on Climate held in April 2021.
- Saudi Arabia is to reduce its carbon emissions by generating 50 per cent of its energy requirements from renewable sourced by 2030. It is to be noted that Saudi Arabia is the world’s biggest crude oil exporter.
- Canada has set a target of reducing its green house gas emissions by 30 per cent as compared to that of 2005 levels.
Climate Targets of Norway
The Norway has signed an agreement with the European Union under the EU Climate Legislation. The agreement has 3-pieces of legislation. They are as follows:
- European Union Emissions Trading System
- Effort Sharing Regulation for non-ETS Emissions
- Land-use, Land-use change and forestry regulation
The EU has set a target to reduce the green house gases by 55 per cent as compared to that of 1990 levels. Norway is not a member of European Union. However, it is associated with the grouping through its membership of European Economic Area.
Saudi Arabia to join Net Zero Producers Forum