Saudi Arabia will diversify oil-driven economy to meet U.N. goals on climate change

Saudi Arabia could cut up to 130 million tons of carbon emissions by 2030, the country said in its plan submitted to the United Nations ahead of Paris summit later this month on tackling climate change.

The world’s largest exporter of crude oil, Saudi Arabia said in the plan that it would diversify its economy to achieve the cuts in emissions. The plan’s best-case scenario would see the country funneling revenues from crude oil exports “into investments in high value added sectors such as financial services, medical services, tourism, education, renewable energy and energy efficiency technologies to enhance economic growth.”

According to Reuters, Saudi Arabia is the last Group of 20 countries with the world’s biggest economies to submit its plan to the U.N. before the summit taking place from Nov. 30 to Dec. 11.

But the kingdom cautioned that the emissions cuts “were also premised on the fact that the economic and social consequences of international climate change policies and measures do not pose disproportionate or abnormal burden on [its] economy.”

After the plan was submitted, U.N. CLiamte Change Secretariat Cristiana Figueres thanked Saudi Arabia on Twitter.

Related: Muslim clercis call for phaseout of fossil fuels

Saudi Arabia’s state-run oil and gas company, Saudi Aramco, already gave its support to the U.N. climate talks in October as part of a group of ten international energy companies that formed the Oil and Gas Climate Initiative. The group, which included Royal Dutch Shell, BP, Statoil, Total and Eni, said it would support policies that help keep an increase in average global temperature within 2 degrees Celsius (3.6 degrees Fahrenheit).

Read Saudi Arabia’s climate plan below.

Saudi Arabia’s climate plan submitted to the U.N. Framework Convention on Climate Change