Saudi Arabia`s Intended Nationally Determined Contribution (INDC) plans tabled at the United Nations earlier this month indicate that if the consequences of the Paris Agreement created an “abnormal burden” on its economy, the world`s largest oil exporter would weaken its climate commitment between 2016 and 2020. “Saudi Arabia`s NDC (Paris Agreement Targets) is an embarrassment,” Depledge said. “It`s shocking for such a high issuer and such a prosperous country. So far, the Trump regime`s aversion to strong measures against climate change has covered them up. According to the 2020 Climate Transparency Report, an annual cooperation between 14 think tanks and NGOs in G20 countries, only four G20 countries, including France and Germany, funded green sectors on a larger scale than fossil fuels and carbon-intensive industries. In addition, Saudi Arabia`s own pandemic stimulus package aims to save an oil industry that brings in more than 60% of government revenues and does not mention climate or “green measures”. Would you stop eating meat if you knew the true cost to the environment? “The Saudi government acknowledges its high vulnerability to climate change, but this is not reflected in its climate plans,” said Prof. Kornelis Blok of Ecofys. “For the sake of its own people, Saudi Arabia should move faster to an economy that does not depend on downstream CO2 emissions, while making more efforts to combat climate change at home,” he said. Another measure of “Vision 2030” was the listing on the stock exchange of a small share of the national oil group Saudi Aramco in December 2019, making Saudi Aramco the most valuable listed company in the world.

Saudi Aramco`s listing could subject the state-owned company to enhanced international scrutiny, including with respect to climate-related risks. The Climate Accountability Institute recently announced that Saudi Aramco is the company that, since the 1960s, has contributed by far the most to global carbon dioxide emissions. We expect that in 2020, Saudi Arabia`s greenhouse gas emissions will be 3-6% lower than in 2019 due to the effects of the COVID-19 pandemic. In May 2020, Saudi Arabia`s crude exports increased from ten million in April to six million barrels per day. Domestic demand for petroleum products also declined, reaching a low point in April (-15% compared to 2019). Tourism to the sacred site of Mecca has also been limited; Only a few thousand local visitors were allowed during the Hajj pilgrimage in late July, when up to two million pilgrims gather normally. Eco Africa: strengthening lakes in Rwanda, fighting Ghana`s waste and fighting for justice in Kenya. The COVID-19 pandemic and the ensuing economic crisis are having a profound impact on Saudi Arabia. Faced with an economy largely dependent on oil export revenues, declining global demand for oil and falling prices have already weighed on the state budget. As host of the G20 summit in November 2020, Saudi Arabia plays an important role in organizing global stimulus measures. In March 2020, G20 leaders pledged to give $5 trillion to the global economy to address the financial consequences of the pandemic.

While “protecting our planet” and efforts to combat climate change are important items on the agenda of this year`s summit, Saudi Arabia has reportedly made efforts to censor the debate on removing fossil fuel subsidies. Saudi Arabia`s domestic climate goals are unambitious: its NDC target for 2030 is “insufficient”. Aramco saidis tanks won`t be closed in the near future The world`s most profitable company, Saudi Aramco, is boosted by news that oil production is expected to recover, at least in the medium term. The International Energy Agency`s latest World Outlook predicts that global oil consumption will remain higher than in 2019 in 2024 after the corona crisis. . . .