What is the News?
Saudi Arabia has announced that it will be joining Canada, the US, Qatar and Norway in the formation of the Net Zero Producers Forum.
About Net Zero Producers Forum:
- The Net Zero Producers Forum has been formed for the oil and gas producing countries. The Forum aims to discuss the ways to achieve net zero carbon emission targets to limit global warming.
- The countries will also discuss ways to support the implementation of the Paris Agreement on Climate Change.
- Strategies: The Forum will consider strategies and technologies which include
Note: Qatar, the US, Saudi Arabia, Canada and Norway are collectively responsible for 40% of global oil and gas production.
Targets of Countries under Paris Climate Agreement:
- US: It has pledged to reduce greenhouse gas (GHG) emissions 50-52 per cent below 2005 levels by 2030.
- Canada: It has pledged to cut emissions by 40-45 per cent from 2005 levels by 2030.
- Saudi Arabia has pledged to reduce its carbon emissions by generating 50% of its energy requirements from renewable sources by 2030.
- EU: It has shown a commitment to reduce emissions by 55 per cent from 1990 levels by 2030.
What is Net-Zero?
- Firstly, net-zero is also referred to as carbon-neutrality.
- Secondly, it does not mean that a country would bring down its emissions to zero.
- Thirdly, net-zero, rather is a state in which a country’s emissions are compensated by absorption and removal of greenhouse gases from the atmosphere.
- Fourthly, absorption of the emissions can be increased by creating more carbon sinks such as forests
- Fifthly, the removal of gases from the atmosphere requires futuristic technologies such as carbon capture and storage.