RIYADH: Saudi Aramco plans to reduce its upstream carbon intensity by at least 15 percent to 8.7 kilograms of carbon dioxide by 2035, the oil giant said in its first sustainability report released today.
As part of its pledge to achieve operational net-zero ambition, Aramco said its greenhouse gas emission initiatives aim to reduce or mitigate more than 50 million metric tons of carbon dioxide equivalent annually by 2035. The company said in its report that its goal is to capture, utilize or store 11 million metric tons of carbon dioxide equivalent annually by 2035.
It also 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 also plans to make huge renewable investments with an aim to generate 12GW of solar and wind power annually by 2035.
Expected to be updated annually, the report offers reliable and cost-effective energy solutions as the energy firm moves toward its net-zero ambition, according to a statement.
“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,” president and CEO Amin Nasser said.
He said the company is 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.”
The firm aims to reduce emissions by 2035 through renewables investment, investing in carbon capture, utilization and storage, energy efficiency improvements, methane and flaring reduction and offsets.
The report’s release followed the firm’s announcement of its ambition to achieve net-zero Scope 1 and Scope 2 greenhouse gas emissions across its wholly-owned operated assets by 2050.