Saudi Aramco, officially the Saudi Arabian Oil Group or simply Aramco, is a state-owned petroleum and natural gas company that is the national oil company of Saudi Arabia. As of 2022, it is the second-largest company in the world by revenue and is headquartered in Dhahran.
Carbon Capture Utilization and Storage (CCUS)
- Role and Importance: Aramco views CCUS as a crucial technology for reducing carbon emissions and achieving its net-zero ambitions. The company highlights its role in capturing and storing CO2 from industrial processes to mitigate climate change.
- Investments and Developments: Aramco has invested in several CCUS projects and is continuously exploring new technologies to enhance its carbon capture capabilities. They have also undertaken initiatives to reduce the carbon intensity of their operations.
- Technological Collaboration: Aramco collaborates with industry leaders, research institutions, and government bodies to advance CCUS technologies and implement them at scale.
Sustainability and Green Initiatives
- Emission Reduction Goals: Aramco aims to achieve net-zero Scope 1 and Scope 2 greenhouse gas emissions across its wholly-owned operated assets by 2050. They have interim targets to reduce upstream carbon intensity by 15% by 2035.
- Greenhouse Gas Regulations and Policies: Aramco supports regulatory frameworks that promote emission reductions and sustainability. They are working to align their operations with global climate goals and policies.
- Energy Transition Strategy: Aramco is investing in renewable energy projects, including solar and wind, to diversify its energy portfolio and support the global transition to cleaner energy sources. They are also focusing on energy efficiency and reducing flaring in their operations.
Key Takeaways
- Aramco is committed to achieving net-zero emissions by 2050 through strategic investments in CCUS, renewable energy, and sustainable business practices.
- The company is actively working to reduce the carbon intensity of its energy products and support global efforts to limit climate change.
- Collaboration with industry, governments, and communities is key to Aramco's strategy for a sustainable energy future.
Website:
https://www.aramco.com/en
10-K Report:
N/A
Sustainability Report:
https://www.aramco.com/-/media/publications/corporate-reports/sustainability-reports/report-2023/english/2023-saudi-aramco-sustainability-report-full-en.pdf
