Saudi Aramco outlines targets to achieve net-zero operations

The Saudi Arabian Oil Company (Aramco) has published its first sustainability report, outlining an ambitious drive to further tackle emissions while delivering reliable, affordable energy solutions.

The several targets and goals outlined by the company include reducing upstream carbon intensity by at least 15% by 2035, against the 2018 baseline; greenhouse gas (GHG) emission initiatives that aim to reduce or mitigate more than 50 million metric tons of CO2 equivalent annually by 2035; and efforts to capture, utilise or store 11 million metric tons of CO2 equivalent annually by 2035.

Aramco said it expects to publish the report on an annual basis to provide further information on its efforts to support the broader energy transition, with a set of interim targets the company aims to achieve by 2035. The report’s release follows Aramco’s announcement of its ambition to achieve net-zero Scope 1 and Scope 2 GHG emissions across its wholly-owned operated assets by 2050.

By 2035, the company said it aims to reduce its upstream carbon intensity, already one of the lowest in the industry, by 15% to 8.7kg of CO2 equivalent per barrel of oil equivalent (CO2e/boe), against a 2018 baseline of 10.2kg CO2e/boe.

Other goals outlined in the plan include producing 11 million metric tons per year of blue ammonia, a carrier of blue hydrogen, by 2030, supporting emissions reduction in hard-to-decarbonise sectors, and generating 12GW of solar and wind power annually from renewables investments by 2035.

“Our ambition is to achieve operational net-zero by 2050 and our sustainability report highlights how we aim to continue meeting the world’s rising demand for secure, reliable and affordable energy, while also contributing to the broader energy transition,” Amin H. Nasser, Aramco President & CEO, said in a statement.

“We are investing for the long-term, against a backdrop of global energy and economic uncertainty, and we will continue to integrate breakthrough technologies in our operations over the next decade and beyond,” he added.