The announcement was made by Crown Prince Mohammed bin Salman in brief recorded remarks at the start of the Islamic kingdom's first-ever Saudi Green Initiative.
"The Kingdom of Saudi Arabia aims to reach zero-net emissions by 2060 under its circular carbon economy program in accordance with the kingdom's development plan ... while maintaining the kingdom's leading role in strengthening security and stability of global oil markets," Prince Mohammed said.
To reach the goal, the crown prince announced plans to cut carbon emissions by over 270 million tons per year.
Salman said the environment initiative would see investments of more than 700 billion riyals ($186.63 billion).
Oil giant Saudi Aramco's chief executive Amin Nasser however cautioned against "demonizing" hydrocarbons.
Speaking at the conference Nasser said there should also be enough investment for backup capacity, otherwise there was the potential for an "economic crisis." He recommended shared focus on new energy sources along with existing ones.