Saudi wants to have its cake and eat it too — with oil prices topping $84 per barrel and Aramco’s 158% spike in post-covid earnings, KSA looks ready to assert itself as the global leader in oil and gas production, while also pledging to cut its carbon emissions.
In light of the pledge, the National Agriculture Development Company (one of the largest foods and agricultural companies in the MENA region) announced the completion of the second phase of a 30 MW solar power plant in Haradh. The plant expects to reduce the company’s total fuel consumption by around 16,000,000 liters — which will reduce the company’s energy costs by 4%.
why it matters
NADEC’s ESG efforts is in line with KSA’s direction towards fulfilling its “net zero” greenhouse gas emissions goal by 2060 — however, there is no indication that Saudi Arabia will slow down investments in oil and gas or move away from the production of fossil fuels just yet.