Saudi Arabia’s economy to branch out

As reported by Reuters, Saudi Arabia intends to expand its economy in order to fight climate change in a move that could reduce the expected output of up to 130 million t of carbon emissions a year by 2030.

Saudi Arabia is the final of the Group of 20 major economies to put forward a plan to the United Nations before the summit in Paris from 30 November to 11 December.

Saudi Arabia has announced that its plan was focused on a scenario in which it would expand the economy with a "robust contribution" from export earnings from oil and derivatives.

The report said that 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".

An alternative scenario would involve using more oil at home to fuel carbon-intensive industries such as petrochemicals, cement, mining and metal production, the report said, in turn boosting domestic rather than overseas emissions.

Saudi Arabia said it reserves the right to update its plan.

Edited from source by Joseph Green. Source: Reuters

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