Net Zero Producer Forum

Saudi Arabia recently announced that it is to join Canada, US, Qatar and Norway in forming the Net Zero Producers Forum.

Net Zero Producers Forum

• The forum has been formed for the oil and gas producers to discuss how to support the implementation of Paris Agreement on Climate Change.
• It aims to develop pragmatic net zero emission strategies.
• It will aim at Methane abatement.
• Also, it will target in advancing the circular carbon economy approach.
• It will promote development and deployment of clean energy.
• It will support the development of carbon capture and storage technologies.
• Above all, it will march towards diversifying from reliance on hydrocarbon revenues.

What are the targets of the countries?

• The United States has set a target of cutting emission levels by 50% to 52% as compared to that of 2005 levels. This was announced during the Leaders Summit on Climate held in April 2021.
• Saudi Arabia is to reduce its carbon emissions by generating 50% of its energy requirements from renewable sourced by 2030. It is to be noted that Saudi Arabia is the world’s biggest crude oil exporter.
• Canada has set a target of reducing its green house gas emissions by 30% as compared to that of 2005 levels.

Climate Targets of Norway

Norway has signed an agreement with the European Union under the EU Climate Legislation. The agreement has three pieces of legislation. They are as follows:

• EU Emissions Trading System
• Effort Sharing Regulation for non-ETS Emissions
• Land-use, Land-use change and forestry regulation

The European Union has set a target to reduce the green house gases by 55% as compared to that of 1990 levels. Norway is not a member of European Union. However, it is associated with the grouping through its membership of European Economic Area.

Month: Current Affairs - April, 2021