Saudi Arabia wants to cut its emissions to zero by 2060

SAN FRANCISCO – Saudi Arabia is aiming to cut its emissions to zero by 2060, and the company is raising capital to pull it off, Saudi Crown Prince Mohammed bin Salman said during a…

Saudi Arabia wants to cut its emissions to zero by 2060

SAN FRANCISCO – Saudi Arabia is aiming to cut its emissions to zero by 2060, and the company is raising capital to pull it off, Saudi Crown Prince Mohammed bin Salman said during a pitch on Friday to investors for a $20 billion fund.

Banking on strong oil prices to offset the cost of carbon emission cuts, the Crown Prince and representatives of oil giant Saudi Aramco sketched out a vision of a world with electric cars and fuel cells that could permanently cut reliance on fossil fuels.

Over time, artificial intelligence would replace some jobs, but the Crown Prince said the new technology could create more than five million jobs.

“It’s a lot of brainpower and a lot of knowledge creation,” he said.

The fund would be one of the largest investors in clean energy technology, said Muhammad Jamil Jameel, managing director for the Saudi government’s financial arm, the Public Investment Fund.

An initial phase will consist of $20 billion in public offerings and private funding commitments, with a goal of eventual levels of more than $100 billion, he said.

More than 200 investors attended the meeting in San Francisco, many of them from Abu Dhabi, Qatar and China.

Many are seeking Gulf oil assets and the crown prince’s pledge to phase out hydrocarbons could help the Saudis justify selling a substantial chunk of Aramco.

By contrast, the huge clean energy fund will be funded by direct investments and the collection of government assets and royalties – and Aramco will not participate, Jameel said.

“We have the assets and we don’t need to partner with anybody,” he said.

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