Log in
E-mail
Password
Show password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON
  1. Homepage
  2. Equities
  3. Brazil
  4. Bolsa de Valores de Sao Paulo
  5. TIM S.A.
  6. News
  7. Summary
    TIMS3   BRTIMSACNOR5

TIM S.A.

(TIMS3)
  Report
End-of-day quote. End-of-day quote Bolsa de Valores de Sao Paulo - 11/29
13.89 BRL   +0.14%
01:48pQatar Airways CEO says Airbus should admit to A350 surface flaws
RE
10:26aWorld airlines warn Omicron will hit travel again
RE
06:19aJPMorgan to back KKR's 45 billion euro financing in TIM deal -paper
RE
SummaryChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsOther languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

Top oil exporter Saudi Arabia targets net zero emissions by 2060

10/24/2021 | 12:50am EST
Saudi Green Initiative Forum in Riyadh

RIYADH (Reuters) -Saudi Arabia's crown prince said on Saturday that the world's top oil exporter aims to reach "net zero" emissions of greenhouse gases, mostly produced by burning fossil fuels, by 2060 - 10 years later than the United States.

He also said it would double the emissions cuts it plans to achieve by 2030.

Crown Prince Mohammed bin Salman and his energy minister said Saudi Arabia would tackle climate change, but also stressed the continued importance of hydrocarbons and said it would continue to ensure oil market stability.

They were speaking at the Saudi Green Initiative (SGI) ahead of COP26, the United Nations climate conference in Glasgow at the end of the month, which hopes to agree deeper global emissions cuts to tackle global warming.

The United States, the world's second-biggest emitter, is committed to achieving net zero, meaning that it emits no more greenhouse gases than it can capture or absorb, by 2050. But China and India, the world's biggest and third-biggest emitters, have not committed to this timeline.

Amin Nasser, chief executive of the state oil giant Saudi Aramco, said it was counterproductive to "demonise" hydrocarbons. He said Aramco aimed to expand its oil and gas production capacity while also achieving net zero emissions from its own operations by 2050.

He called for more global investment to ensure adequate crude oil supplies.

Prince Mohammed said in recorded remarks that the kingdom aimed to reach net zero by 2060 under its circular carbon economy programme, "while maintaining its leading role in strengthening security and stability of global oil markets".

He said Saudi Arabia would join a global initiative on slashing emissions of methane by 30% from 2020 levels by 2030, which both the United States and the EU have been pressing.

U.N. Secretary General Antonio Guterres, in a phone call with Saudi King Salman bin Abdulaziz, welcomed the kingdom's initiatives to reduce emissions, state media said. [L1N2RJ0FB]

'HYDROCARBONS STILL NEEDED'

U.S. climate envoy John Kerry is due to attend a wider Middle East green summit in Riyadh on Monday.

The SGI aims to eliminate 278 million tonnes of carbon dioxide emissions per year by 2030, up from a previous target of 130 million tonnes. The crown prince said the SGI initiative would involve investments of over 700 billion riyals ($190 billion) in that time period.

Saudi Arabia's economy remains heavily reliant on oil, although the crown prince is trying to promote diversification.

Energy minister Prince Abdulaziz bin Salman said the world needed fossil fuels as well as renewables.

"It has to be a comprehensive solution," he said. "We need to be inclusive, and inclusivity requires being open to accept others' efforts as long as they are going to reduce emissions."

He said the kingdom's younger generation "will not wait for us to change their future".

He said net zero might be achieved before 2060 but the kingdom needed time to do things "properly".

Another Gulf oil producer, the United Arab Emirates, this month announced a plan for net zero emissions by 2050.

The non-profit Climate Action Tracker consortium gives Saudi Arabia its lowest possible ranking, "Critically insufficient".

Saudi Arabia's first renewable energy plant opened in April and its first wind farm began generating in August.

It does, however, have plans to build a $5 billion plant to produce hydrogen, a clean fuel, and state-linked entities are pivoting to green fundraising.

($1 = 3.7507 riyals)

(Reporting by Yousef Saba and Saeed Azhar in Riyadh, Marwa Rashad in London and Maher Chmaytelli in Dubai; Additional reporting by Raya Jalbi in Dubai; writing by Ghaida Ghantous; Editing by Jason Neely, Kevin Liffey and William Mallard)

By Yousef Saba, Saeed Azhar and Marwa Rashad


ę Reuters 2021
All news about TIM S.A.
01:48pQatar Airways CEO says Airbus should admit to A350 surface flaws
RE
10:26aWorld airlines warn Omicron will hit travel again
RE
06:19aJPMorgan to back KKR's 45 billion euro financing in TIM deal -paper
RE
05:55aAirlines bosses worry about impact of Omicron variant
RE
04:58aGermany has to decide on gas-to-power plants quickly - grid operator, NGO
RE
04:32aDubai Mulling Emirates IPO, Airline Head Says
MT
04:13aGreen group to challenge approval for Woodside's Pluto LNG project
RE
03:35aDubai government considering Emirates IPO - airline president
RE
03:20aEmirates warns Omicron could cause 'significant traumas' for aviation industry
RE
03:16aReuters next-dubai government considering ipo of emirates airline -president tim clark
RE
More news
Financials
Sales 2021 18 131 M 3 218 M 3 218 M
Net income 2021 2 119 M 376 M 376 M
Net Debt 2021 4 740 M 841 M 841 M
P/E ratio 2021 15,5x
Yield 2021 3,86%
Capitalization 33 619 M 5 956 M 5 966 M
EV / Sales 2021 2,12x
EV / Sales 2022 1,97x
Nbr of Employees 9 119
Free-Float 33,3%
Chart TIM S.A.
Duration : Period :
TIM S.A. Technical Analysis Chart | TIMS3 | BRTIMSACNOR5 | MarketScreener
Technical analysis trends TIM S.A.
Short TermMid-TermLong Term
TrendsBullishBullishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 12
Last Close Price 13,69 BRL
Average target price 18,43 BRL
Spread / Average Target 34,6%
EPS Revisions
Managers and Directors
Pietro Labriola Chief Executive Officer & Director
Adrißn Calaza Chief Financial Officer
Nicandro Durante Chairman
Leonardo de Carvalho Capdeville Chief Technology Information Officer
Flavia Maria Bittencourt Independent Director
Sector and Competitors
1st jan.Capi. (M$)
TIM S.A.-5.19%5 979
VERIZON COMMUNICATIONS-12.07%216 857
CHINA MOBILE LIMITED5.43%122 992
CHARTER COMMUNICATIONS, INC.1.71%119 801
NIPPON TELEGRAPH AND TELEPHONE CORPORATION18.13%99 771
DEUTSCHE TELEKOM AG7.26%85 749