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Q2 net profit fell by 18% to $637 million.

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Total income rose by 12 percent in the same period.

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Kuwait sets 2060 as date to reach carbon neutrality

Kuwait is also looking to develop local legislation and laws that would achieve the goals of a transition to a flexible and low-carbon economy.
  • According to Kuwait's Environment Public Authority chief, Kuwait intends to embrace a national strategy to achieve the target
  • The chief said the country is also keen to develop program to reduce carbon emissions through low-carbon development strategies in the oil and gas, energy, transport, industry

Sharm el Sheikh, Egypt—Kuwait is planning to achieve carbon neutrality in the oil and gas sector by 2050 and across the country by 2060.

In this regard, Kuwait intends to embrace a national strategy to achieve the target, according to Kuwait’s Environment Public Authority chief.

This stems from the country’s belief in the importance of implementing the Paris (Climate Accords) decisions, especially Paragraph 19 of Article IV concerned with long-term strategies,” Kuwait EPA Chairman Sheikh Abdullah Ahmad Al-Hamoud Al-Sabah said in a speech at the climate change conference, COP27, in Egypt’s Sharm El-Sheikh resort.

The chief  said Kuwait attaches the utmost importance to managing the adaptation and mitigation of climate change at the national level, and is keen to enhance resilience in tackling the effects of climate change.

It is also keen to develop program to reduce carbon emissions through low-carbon development strategies in the oil and gas, energy, transport, industry, land use and agriculture promotion sectors.

These strategies include a clear plan of action to achieve sustainable economic growth by the use of integrated technical and innovative solutions in the field of the circular carbon economy according to their capabilities and available national conditions, he explained.

Kuwait seeks, at the international level, to benefit from modern technologies related to the circular carbon economy, in addition to strengthening global partnerships and regional and international climate initiatives.

Kuwait also seeks to benefit from successful experiences worldwide, to develop local legislation and laws that would achieve the goals of a transition to a flexible and low-carbon economy, he added.