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Saudi plans to diversify economy to combat climate change

Saudi Arabia, the world’s largest crude oil exporter, has announced plans to diversify its economy to help combat climate change in a move that could reduce expected output of up to 130mn t/y of carbon emissions by 2030. The Saudi government said its plan would diversify the economy with a ‘robust contribution’ from export earnings from oil and derivatives. Earnings would be channelled into lower emission sectors ‘such as financial services, medical services, tourism, education, renewable energy and energy efficiency technology to enhance growth.’ The government proposes to use energy more efficiently and invest in solar, wind, geothermal and waste generation. It also announced plans to build a plant capturing and using 1,500 t/d of carbon dioxide for use in other petrochemical plants, and will operate a pilot plant at the Othmaniya oil reservoir. It also plans to encourage investments in exploring and producing natural gas.

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