Kuwait outlines $110b plan for 2050 net-zero target

State-owned Kuwait Petroleum Corp. unveiled on Monday plans to achieve net-zero emissions by 2050, significantly ahead of the country’s timeline, by focusing on liquefied natural gas (LNG), reducing gas flaring, and increasing renewable energy investments.

Kuwait has earmarked $110 billion for this transition, targeting a sustainable crude capacity of 3.5 million barrels per day (b/d) by 2030 and 4 million b/d by 2035, compared to its current OPEC production quota of 2.41 million b/d.

Kuwait, the Middle East’s largest LNG importer, has already imported 6.57 million metric tons of LNG in 2024. A recent agreement with Qatar Energy will see KPC receive up to 3 million metric tons of LNG per year over 15 years, beginning in January 2025.

This is expected to support the country’s growing power demands, particularly during the summer months.

New initiatives include the installation of 18,000 electric vehicle charging points and a goal of producing 1 million metric tons of green hydrogen by 2050.

KPC has also committed to reducing gas flaring to zero by 2030 for its upstream assets and by 2040 across all subsidiaries. With these efforts, KPC aims to maintain its role as a leading crude supplier while transitioning to more sustainable practices.