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Net Zero Producers’ Forum

Net Zero Producers’ Forum

  • Recently, to achieve the goals of carbon neutrality, various countries have created ‘Net Zero Producers’ Forum’ based on mutual cooperation.
  • In addition to the countries of America, Canada, Qatar and Norway, recently Saudi Arabia has also joined this ‘Cooperative Forum’.
  • The objective of this platform is to develop practical methodology for net zero emission strategies.
  • The major oil and gas producing countries have formed this forum with the aim of implementing the Paris Agreement on Climate Change.
  • It should be noted that collectively these countries produce 40% of the world oil and gas.

Benefits of Net Zero Producers Forum

  • Through this platform, the approach of circular carbon economy will be promoted.
  • Technologies for clean-energy, carbon capture and storage will increase.
  • This would lead to a change in dependence on hydrocarbon revenue.
  • Will support methane abatement and consider various strategies and techniques according to the national circumstances of each country.

What is ‘net-zero’?

  • Carbon-neutrality is called ‘net-zero’. Net zero does not mean that a country will take its gross emissions to zero.
  • Net-zero is a state in which the emissions of a country are compensated by ‘absorption and neutralization of greenhouse gases from the atmosphere’.
  • A large number of carbon sinks, i.e., forests, etc., can be planted for absorption of carbon, while to remove or expel gases from the atmosphere, sophisticated techniques such as carbon capture and storage are required.

Goals of different countries

  • At the April 2021 ‘Leaders Summit on Climate’, the US announced that it would reduce its carbon emission levels from 50% to 52% compared to 2005
  • It should be noted that Saudi Arabia is the world’s largest exporter of crude oil. This country will also meet 50% of its energy needs with renewable energy by the year 2030,whichincludes reducing carbon emissions.
  • Canada aims to reduce greenhouse gas emissions by 30% compared to 2005 carbon levels.

Norway’s Climate Goals

  • Norway is committed to the European Union’s Climate Law Agreement. Under which the European Union has set a target of reducing greenhouse gases by 55% compared to 1990
  • However Norway is not a member of the European Union. But it is connected to this union by membership of European Economic Area.

Source: The Hindu

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