ablcc_newsletter-4th-edition-2021_A5_04

8 NET ZERO EMISSIONS BY 2060… On 23 October 2021, Crown Prince Mohammed bin Salman announced during the opening of the Saudi Green Initiative conference that the Kingdom of Saudi Arabia commits to net zero emissions by 2060. To achieve this target, more than $180bn are to be invested. By doing so, Saudi Arabia joins more than 100 countries that have committed to reaching net-zero emissions. Prince Mohammed bin Salman said the target would be reached without affecting the “stability of global energy markets” and added that the country alsowould cut its emissions of methane by 30% by 2030. Ear l i er th i s year , Saudi Arabi a announced it would reduce carbon emissions by shifting to renewable energy and planting billions of trees. 4. Does this open up new avenues for economic cooperation between Saudi Arabia and Belgium / Luxembourg? It certainly does… I s e e c o n s i d e r a b l e o p p o r t u n i t i e s o f coope rat i on between Saudi Arabia and both Belgium and Luxembourg as a result of the ongoing economic and investment t ransformat ion that i s happening, which makes of my country a most suitable environment for bilateral cooperation and joint efforts in the areas of trade, industry, and investment. 5. As a final question, considering the relationship between KSA and the EU, and more precisely with Belgium and Luxembourg, could you elaborate on this relationship both at the economic and social level? How do you see the future of these relations? Could you identify areas where Belgium/Luxembourg and KSA could further strengthen their collaboration? What would be the main sectors? At the level of Saudi-EU cooperation opportunities, there is a great potential of cooperation between both sides owing to the fact that they both enjoy common membership at the G 20, the most important economic grouping in the world. What is more, Saudi Arabia is a signatory to the general cooperation agreement between the EU and GCC. The opportunity of cooperation between EU and Saudi Arabia would definitely move forward if the EU and GCC managed to conclude a free-trade agreement ; hopefully in the coming future.