Saudi Arabia, the world's largest exporter of crude, joined other major oil and gas producers such as the US, Canada, Norway and Qatar to establish a net-zero producers forum to implement the Paris Agreement's targets of lowering emissions.
The kingdom will adopt a circular carbon economy approach to help manage its emissions, a ministry official quoted by the Saudi Press Agency said.
"The overall goal of the Paris agreement is to strengthen global response in the context of sustainable development and efforts to eradicate poverty, and in order to achieve this there must be a comprehensive methodology that takes into account the different national and regional circumstances," the statement said.
President Joe Biden on Thursday unveiled a target to halve the carbon emissions of the US – the world's largest producer of oil and gas – by 2030 from its 2005 levels.
The ambitious goal set by the world's second-biggest polluter after China marks a stark reversal in the policies of Mr Biden's predecessor Donald Trump, whose tenure was marked by inaction on climate change, a withdrawal from the Paris Accord and relaxed pollution rules.
Mr Biden also announced that by 2024, the US would double its annual assistance to help developing countries cope with the effects of climate change.
Saudi Arabia plans to add gas and renewables capacity equating to one million barrels of oil per day by 2030, according to the country's Crown Prince Mohammed bin Salman.
The kingdom is looking to green its power mix and export more barrels of oil. It is also committing to lowering emissions and the energy impact of fossil fuels as part of its diversification strategy for 2030.
MATCH INFO
Arsenal 1 (Aubameyang 12’) Liverpool 1 (Minamino 73’)
Arsenal win 5-4 on penalties
Man of the Match: Ainsley Maitland-Niles (Arsenal)
Premier Futsal 2017 Finals
Al Wasl Football Club; six teams, five-a-side
Delhi Dragons: Ronaldinho
Bengaluru Royals: Paul Scholes
Mumbai Warriors: Ryan Giggs
Chennai Ginghams: Hernan Crespo
Telugu Tigers: Deco
Kerala Cobras: Michel Salgado
Recent winners
2002 Giselle Khoury (Colombia)
2004 Nathalie Nasralla (France)
2005 Catherine Abboud (Oceania)
2007 Grace Bijjani (Mexico)
2008 Carina El-Keddissi (Brazil)
2009 Sara Mansour (Brazil)
2010 Daniella Rahme (Australia)
2011 Maria Farah (Canada)
2012 Cynthia Moukarzel (Kuwait)
2013 Layla Yarak (Australia)
2014 Lia Saad (UAE)
2015 Cynthia Farah (Australia)
2016 Yosmely Massaad (Venezuela)
2017 Dima Safi (Ivory Coast)
2018 Rachel Younan (Australia)
What is graphene?
Graphene is extracted from graphite and is made up of pure carbon.
It is 200 times more resistant than steel and five times lighter than aluminum.
It conducts electricity better than any other material at room temperature.
It is thought that graphene could boost the useful life of batteries by 10 per cent.
Graphene can also detect cancer cells in the early stages of the disease.
The material was first discovered when Andre Geim and Konstantin Novoselov were 'playing' with graphite at the University of Manchester in 2004.
COMPANY%20PROFILE
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What are NFTs?
Are non-fungible tokens a currency, asset, or a licensing instrument? Arnab Das, global market strategist EMEA at Invesco, says they are mix of all of three.
You can buy, hold and use NFTs just like US dollars and Bitcoins. “They can appreciate in value and even produce cash flows.”
However, while money is fungible, NFTs are not. “One Bitcoin, dollar, euro or dirham is largely indistinguishable from the next. Nothing ties a dollar bill to a particular owner, for example. Nor does it tie you to to any goods, services or assets you bought with that currency. In contrast, NFTs confer specific ownership,” Mr Das says.
This makes NFTs closer to a piece of intellectual property such as a work of art or licence, as you can claim royalties or profit by exchanging it at a higher value later, Mr Das says. “They could provide a sustainable income stream.”
This income will depend on future demand and use, which makes NFTs difficult to value. “However, there is a credible use case for many forms of intellectual property, notably art, songs, videos,” Mr Das says.
Company profile
Name: Thndr
Started: October 2020
Founders: Ahmad Hammouda and Seif Amr
Based: Cairo, Egypt
Sector: FinTech
Initial investment: pre-seed of $800,000
Funding stage: series A; $20 million
Investors: Tiger Global, Beco Capital, Prosus Ventures, Y Combinator, Global Ventures, Abdul Latif Jameel, Endure Capital, 4DX Ventures, Plus VC, Rabacap and MSA Capital
Starring: Jamie Foxx, Angela Bassett, Tina Fey
Directed by: Pete Doctor
Rating: 4 stars
