Saudi Aramco unveils goals to achieve operational net-zero emissions

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The Saudi Arabian Oil Co. (Saudi Aramco) published today its first sustainability report, which outlines ways in which the company plans to further tackle emissions while delivering reliable, affordable energy solutions.
 

The report, which the company expects to update on an annual basis, provides further information on Aramco’s efforts to support the broader energy transition, with a set of interim targets the company aims to achieve by 2035.
 

By 2035, Aramco 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.
 

The company also aims to reduce or mitigate net Scope 1 and Scope 2 GHG emissions across its wholly-owned operated assets, both in its upstream and downstream segments, by more than 50 million metric tons of CO2e annually by 2035, when compared to the business-as-usual forecast, according to the report.
 

Below are the main highlights in the report:
 

- Aramco seeks to reduce upstream carbon intensity by at least 15% by 2035, against 2018 baseline.

- Greenhouse gas emission initiatives aim to reduce or mitigate more than 50 million metric tons of CO2 equivalent annually by 2035.

- Aramco's goal is to capture, utilize or store 11 million metric tons of CO2 equivalent annually by 2035.

- The company aims to produce 11 million metric tons per year of blue ammonia, a carrier of blue hydrogen, by 2030, supporting emissions reduction in hard-to-decarbonize sectors.

- Aramco plans renewables investment in order to generate 12GW of solar and wind power annually by 2035.