Saudi Energy Minister Prince Abdulaziz bin Salman announced that his country is no longer an oil-producing country, but despite the diversification push, he likely didn’t mean literally
It comes at a time when policymakers are under immense pressure to deliver on promises made as part of the Paris Agreement, a landmark accord widely recognized as critically important to avoid the most devastating impacts of climate change.
Almost 200 countries, including Russia and Saudi Arabia, ratified the Paris climate accord in 2015, agreeing to pursue efforts to limit the planet s temperature increase to 1.5 degrees Celsius above pre-industrial levels. The agreement requires net-zero greenhouse gas emissions by 2050.
Remarkably, the world s leading energy advisor delivered its starkest warning yet on global fossil fuel use last month, saying the exploitation and development of new oil and gas fields must stop this year if the world wants to reach net-zero emissions by the middle of the century.
Saudi Arabia increased oil prices for customers in its main market of Asia by more than expected after crude surged above $70 a barrel and OPEC forecast