Gulf Arab states, squeezed by climate change, still tout oil

RIYADH, Saudi Arabia (AP) — The global energy transition is perhaps nowhere more perplexing than in the Arabian Peninsula, where Saudi Arabia and other Gulf monarchies are caught between two daunting climate change scenarios that threaten their livelihoods.

In one, the world stops burning oil and gas to cut down on heat-trapping emissions, shaking the very foundation of their economies. In the other, global temperatures keep rising, at the risk of rendering unlivable much of the Gulf’s already extremely hot terrain.

The political stability of the six Gulf states — Saudi Arabia, the United Arab Emirates, Qatar, Kuwait, Bahrain and Oman — is rooted in profits from fossil fuels. This includes exports that energy-hungry China and India will want even more over the next two decades.

“Climate action, it’s almost an existential problem for an absolute monarchy based on oil exports,” said Jim Krane, author of “Energy Kingdoms: Oil and Political Survival in the Persian Gulf."

“They need climate action to succeed without wrecking the oil market. That’s a tough needle to thread.”

In pledging “net-zero” emissions targets as Saudi Arabia, the UAE and Bahrain have done this month, greenhouse gas emissions would be cut within their borders — while maintaining fossil fuel exports abroad.

Saudi Arabia, which supplies about one-tenth of the world's oil demand, made its announcement this week while hosting its first major climate change forum. Crown Prince Mohammed bin Salman set 2060 as Saudi Arabia's target.

It was an important announcement for a country with an estimated 265 billion barrels of oil reserves worth $22.5 trillion at current prices. Saudi Arabia has expressed determination to pump oil until the last drop, but it could find little use for its greatest natural resource in...