The fight against climate change does not seem compatible with a thriving oil industry. Yet Saudi Arabia, the world’s largest exporter of crude, sees it as a way to maintain its place as a global energy leader for decades to come.
Not only does the kingdom intend to increase its production of black gold, but it also aims to position itself as a major player in certain “green” sectors.
The kingdom also announced last week to aim for carbon neutrality – balance between carbon emissions and absorption – by 2060 and on Monday promised more than a billion dollars of investments in its “circular carbon economy” .
This energy strategy consists, according to the Saudi authorities, in capturing the carbon emitted and present in the air to reuse it in products such as fuels or fertilizers.
A policy criticized by environmental organizations, Greenpeace qualifying for example of greenwashing.
“This strategic position allows Riyadh to continue investing in fossil fuels,” responded Ahmad al-Droubi, a Greenpeace official for the North Africa and Middle East region.
“Bastion of fossil fuels”
Because the Saudi authorities are clear: they do not believe in questioning oil and see in black gold part of the solution to the climate crisis.
“Saudi Arabia remains the bastion of fossil fuels, despite its ‘green initiatives’ and its renewable projects, which represent only a fraction of the investments it continues to make in the fossil industry,” says Mr Droubi.
This “circular carbon economy” should however be talked about at the international climate conference (COP26) which opens Sunday in Glasgow, Saudi Arabia having already succeeded in getting the expression adopted last year. by the G20 when the country chaired this group.
Saudi Crown Prince Mohammed bin Salman, who ruled the country de facto, called for a “green era” for the kingdom.
But at the same time, the oil giant Aramco, a real cash cow for the country, has said it wants to increase its daily production capacity to thirteen million barrels by 2027.
And at the recent “Initiative for Future Investment” forum in Riyadh, the Saudi Minister of Energy detailed how the country intends to remain a world leader in energy. The priority: maintain a dominant position in oil and gas first, then renewable energies.
The United Nations have already warned that, even by drastically reducing greenhouse gas emissions, global warming could easily exceed +1.5 ° C compared to the pre-industrial era – the most ambitious goal of the Paris Agreement – resulting in an increase in the frequency and intensity of droughts, forest fires, storms, but also floods.
“Green era” and black gold
To resolve the impossible equation between “green era” and oil, the Saudi kingdom is relying in particular on carbon capture and storage technologies, to then reuse it in industry, particularly oil.
“It may not sound great for those who want to put an end to hydrocarbons, but it is the logical way to produce a number of fuels with little or no CO₂ emitting,” Karen Young, from the Middle East, told AFP. Institute in Washington.
The Saudis “will remain in the energy business for many years to come,” she said.
“Saudi Arabia can dominate [le secteur] given that we continue to use petroleum, especially in transport and petrochemicals. “
The country is also investing in “green” hydrogen, produced from green electricity, and “blue” hydrogen, in particular made from natural gas associated with carbon storage technology, notes Ms. Young.
Experts point out, however, that these carbon storage and capture technologies have not yet proven their effectiveness, are expensive and require heavy investments.
“We are talking about hundreds of billions [de dollars d’investissements] per year, ”said Bill Winters, CEO of Standard Chartered Bank group, during the forum in Ryad.
Present in Riyadh on Monday, John Kerry, US special envoy for the climate, told international officials that the switch to clean energy was “the greatest economic prospect the world has ever known”.
“The winners will be those who invest in this market, and I think that’s something the crown prince has understood,” he said.