Saudi Arabian oil company Aramco has published its first sustainability report which outlines how the company further plans to tackle emissions.
The 2021 report follows Aramco’s announcement of its plans to achieve net-zero Scope 1 and Scope 2 greenhouse gas emissions across its operations by 2050.
The report includes:
Goals to reduce upstream carbon intensity by at least 15% by 2035, against 2018 baseline
greenhouse gas emission initiatives aiming to reduce or mitigate more than 50 million metric tons of CO2 equivalent annually by 2035
Goals 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.
Renewables investment aims to generate 12GW of solar and wind power annually by 2035
By 2035 Aramco aims to reduce its upstream carbon intensity 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.
Amin H. Nasser, Aramco President & CEO, said: “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. 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.”