The Saudi Arabian Oil Company (Aramco) has published 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. The report’s release follows the company’s announcement of its ambition to achieve net zero Scope 1 and Scope 2 greenhouse gas (GHG) emissions across its wholly-owned operated assets by 2050.
By 2035 Aramco aims to reduce its upstream carbon intensity, already one of the lowest in the industry, by 15% to 8.7 kg of CO2e/boe, against a 2018 baseline of 10.2 kg 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 t of CO2e/yr 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.”
Aramco is harnessing the Circular Carbon Economy framework, which focuses on reducing, reusing, recycling and removing GHG emissions. By 2035, it aims to achieve emissions reduction and mitigation through:
- Renewables investment — 14 million t of CO2e/yr reduction.
- Investing in carbon capture, utilisation and storage (CCUS) — 11 million t of CO2e/yr reduction.
- Energy efficiency improvements — 11 million t of CO2e/yr reduction.
- Methane and flaring reduction — 1 million t of CO2e/yr reduction.
- Offsets — 16 million t of CO2e/yr mitigation.
The report also outlines the company’s focus on developing its blue ammonia and hydrogen business, with the aim of producing up to 11 million tpy of blue ammonia by 2030 — with the potential to support significant emissions reductions in hard-to-decarbonise sectors such as heavy-duty transport, heating, and industrial applications.
In compiling the report, and to identify appropriate metrics and performance indicators, Aramco evaluated more than 150 environmental, social and governance (ESG) topics to establish their relative importance to the company’s key stakeholders. The sustainability report highlights four focus areas: climate change and the energy transition, safe operations and people development, minimising environmental impact, and growing societal value.
Read the article online at: https://www.hydrocarbonengineering.com/the-environment/16062022/aramco-releases-new-sustainability-report/
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