Middle East will get to net zero on its terms with realistic targets

Middle East will get to net zero on its terms with realistic targets

LONDON: Leaders of the Middle East emphasized their commitment to step up investment in renewables when they met in Riyadh earlier this week. But the real message that came out of the inaugural Middle East Green Initiative is that the transition to a net-zero future must be gradual and must not damage regional economic growth. The economies of the Gulf states, of course, rely heavily on oil income. But it wasn’t just the heads of oil-producing countries making the case for realism as the world seeks to combat global warming. Larry Fink, the billionaire chairman of US investment giant BlackRock expressed the same view. Fink was one of several high-profile financial and political figures who made the trip to Riyadh to attend MGI, a list that included the US climate czar John Kerry, UN Deputy Secretary-General Amina Mohammed, and HSBC UK boss Noel Quinn. While Fink predicted that the next thousand “unicorns” — startups valued at over $1 billion — will be sustainable companies, he also confirmed BlackRock, the world’s largest fund manager, had no plans to divest from hydrocarbons. Fink said: “We’re supportive of hydrocarbon companies, and believe they will be part of the solution of the green revolution