Saudi Arabia intends to launch a carbon trading initiative as part of broader plans to diversify its energy supplies and reduce emissions. Climate change has become an increasingly important priority within the kingdom as it prepares to host the G20 in 2020 and as state oil firm Aramco plans to go public. The government is also looking at ways to increase renewable energy, including solar power and wind power.
Saudi Arabia intends to launch a carbon trading initiative as part of broader plans to diversify its energy supplies and reduce emissions. Climate change has become an increasingly important priority within the kingdom as it prepares to host the G20 in 2020 and as state oil firm Aramco plans to go public. Speaking at the Future Investment Initiative conference in Riyadh, Prince Abdulaziz bin Salman said that the country’s energy price and efficiency reforms will help reduce local demand by up to two million barrels per day of oil equivalent by 2030, compared to previous estimates.