Why the Gulf’s oil powers are betting on clean energy

THE UNITED ARAB EMIRATESADNOCuae UAEADNOCUAEUAEUN sits on a rich fossil bounty. , the national oil company, is one of the world’s top hydrocarbon producers. Two months ago the hosted some 140,000 delegates at the planet’s largest oil-and-gas jamboree. Against the backdrop of the worst energy crisis in decades, you might have expected much gloating about how the Persian Gulf’s carbon-spewing exports helped avert a bigger shock. That made the keynote address by Sultan Al Jaber, the ’s minister of industry, all the more remarkable. Mr Al Jaber repeatedly highlighted the importance of greening this brownest of industries. “ is making today’s energy cleaner while investing in the clean energies of tomorrow,” he intoned.In the past the grandees of the Gulf’s energy industry limited themselves to defending fossil fuels. Now many, like Mr Al Jaber, profess a commitment to decarbonisation. Saudi Arabia and Kuwait have announced targets of net-zero emissions of greenhouse gases by 2060. The and Oman say they will get there by 2050. Qatar has no net-zero target, but says it will cut emissions by a quarter by 2030 relative to a scenario that assumes business as usual. All the Gulf countries have signed the Global Methane Pledge, which commits them to reduce emissions of that potent greenhouse gas. The will even host the annual climate summit in 2023.