Saudi Arabia: Economic Liberalization/diversification

Saudi Arabia recognizes that its economy is dependent on fossil fuels and therefore prefers no restrictions to global CO2 emissions that will cause the demand for these fossil fuels to decrease.  However, in its National Communication to the UNFCCC, it also recognizes the need to diversify away from fossil fuels.  In order to diversify the economy, it must first be liberalized.  Saudi Arabia has taken steps to liberalize its economy in the interest of increasing its diversification. These measures include opening the natural gas industry to foreign investment, privatizing certain industries, and working toward accession in WTO.

Status: In Force; Government Initiative

References: National Communication to the UNFCCC Nov 2005