Saudi Arabia joins global oil producers to form 'net-zero forum'

The kingdom will adopt a circular carbon economy approach to help manage its emissions

Saudi Arabia, the world's largest exporter of crude, joined other major oil and gas producers such as the US, Canada, Norway and Qatar to establish a net-zero producers forum to implement the Paris Agreement's targets of lowering emissions.

The kingdom will adopt a circular carbon economy approach to help manage its emissions, a ministry official quoted by the Saudi Press Agency said.

"The overall goal of the Paris agreement is to strengthen global response in the context of sustainable development and efforts to eradicate poverty, and in order to achieve this there must be a comprehensive methodology that takes into account the different national and regional circumstances," the statement said.

President Joe Biden on Thursday unveiled a target to halve the carbon emissions of the US – the world's largest producer of oil and gas –  by 2030 from its 2005 levels.

The ambitious goal set by the world's second-biggest polluter after China marks a stark reversal in the policies of Mr Biden's predecessor Donald Trump, whose tenure was marked by inaction on climate change, a withdrawal from the Paris Accord and relaxed pollution rules.

Mr Biden also announced that by 2024, the US would double its annual assistance to help developing countries cope with the effects of climate change.

Saudi Arabia plans to add gas and renewables capacity equating to one million barrels of oil per day by 2030, according to the country's Crown Prince Mohammed bin Salman.

The kingdom is looking to green its power mix and export more barrels of oil. It is also committing to lowering emissions and the energy impact of fossil fuels as part of its diversification strategy for 2030.