Saudi Arabia Newly Launched Climate Projects and Carbon Credit Scheme :
The Convention on Climate Change (COP27) is an annual conference involving all parties to the popular UN Framework Convention on Climate Change. The 27th edition took place in Sharm el-Sheikh in Egypt, and several countries pledged to embark on climate projects to reduce carbon emissions in response to the UN Secretary-General’s declaration that the world requires a giant leap in climate action. Saudi Arabia was one of the nations that were at the fore of this pledge movement.
The country has taken prompt action by launching the carbon credit scheme and climate projects, all of which this article examines in subsequent sections.
What is the COP27 Saudi Arabia Carbon Credit Scheme
Saudi Arabia’s Carbon Credit Scheme has strummed the tunes of eagerness in every stakeholder globally. The country, through its Minister of Energy, crown prince Abdulaziz bin Salman, announced at the COP27 that it is going to inaugurate a greenhouse gas credit scheme in 2023 to further its movement against climate change.
The country has declared that its scheme is hinged on reducing greenhouse gas emissions, reusing carbon-based greenhouse gases, and recycling carbon products containing greenhouse gases. All of these measures are aimed at lowering its carbon emission as a country that is very dependent on the production of fossil fuels.
To further this scheme, Saudi Arabia has promised to make good use of its hydrocarbon resources which it has aplenty. Indeed, the country has a lot planned, although it is yet to reveal the full picture of the carbon scheme.
What are the Details of Saudi’s Climate Projects announces at COP27
The Kingdom of Saudi Arabia has also launched three major projects in its dedication to taking action on climate change. From tree planting declarations to solar energy initiatives, the country is on the move and is rapidly implementing several projects on climate change. It hopes to invest in projects that will cut emissions by 20 million tons annually. To support this project, Saudi Aramco company has plans to build the biggest carbon capture hub in the world, which will store about 9 million tons of carbon dioxide when fully functional.
An additional project of the country is to increase its tree-planting goals to at least 50 billion trees in the Middle East by 2030. Likewise, All of these will be done while the country spreads awareness about climate issues and seek ways to address them on an international, regional and national level.
As aptly stated by Saudi’s climate envoy, Adel al Jubeir, Saudi Arabia aims to be a model to the world in terms of what steps to take regarding climate change. Indeed, the country is moving from accusations to practical solutions. It has reiterated that it wants to be the poster for actions and results on climate change. With the steps it is taking, there is no uncertainty that it is going to be one.