Aramco Announces Net Zero Aim
The Saudi Arabian Oil Company has announced its ambition to achieve net zero Scope 1 and Scope 2 greenhouse gas emissions across its wholly owned operated assets by 2050.
Aramco said this ambition is an important part of its focus on long-term shareholder value creation by advancing its goals through a company-wide approach in sustainability. The company noted that it plans to disclose further details in its upcoming sustainability report, which is currently scheduled to be issued in the second quarter of 2022. Aramco highlighted that its announcement complements the Kingdom of Saudi Arabia’s aim to reach net zero emissions by 2060.
“Aramco recognizes both the scale and urgency of the climate challenge as well as its responsibility to help address it, as the world’s largest energy company,” Aramco Chairman Yasir Al-Rumayyan said in a company statement.
“Reducing emissions, while meeting the world’s continuing energy needs, is one of the biggest challenges of this century. Aramco has a uniquely strong platform from which to lead the global industry to meet this challenge and we are delighted to announce today our ambition to achieve net zero greenhouse gas emissions across our operations by 2050,” he added in the statement.
Amin H. Nasser, Aramco’s president and chief executive officer, said, “as the largest provider of energy to the world, Aramco’s ambition to reach net zero greenhouse gas emissions across our operations in less than three decades is a historic step forward that will help tackle the most pressing challenge facing humanity”.
“Our past success has not been measured by quarters or business cycles, but across generations. The same will apply to the positive results from our net zero ambition, as the actions we take in the coming years will help safeguard our planet for future generations,” Nasser added.
Nasser noted that the road ahead will be complex and said the world’s transition to a more sustainable energy future will require collective action and major technological breakthroughs.
“But we remain focused on delivering reliable and affordable energy, investing for the long term as our efforts to further reduce emissions gain momentum,” Nasser stated.
Sustainable practices are essential to ensuring that Aramco continues to thrive in the long-term, and that it remains one of the world’s largest integrated energy and chemicals companies throughout the global energy transition, Aramco notes on its website.
The company, which supports the aims of the Paris Agreement to limit the global average temperature increase to well below 2°C above pre-industrial levels, is a member of the Oil and Gas Climate Initiative (OGCI), which is a CEO-led organization that aims to accelerate the industry response to climate change. Other OGCI CEOs include Bernard Looney of BP, Michael Wirth of Chevron, Darren Woods of ExxonMobil, Ben van Beurden of Shell and Patrick Pouyanne of TotalEnergies.
Aramco employs more than 70,000 people and manages the Kingdom’s proved reserves of 336.87 billion barrels of oil equivalent, the company’s website highlights.
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