Saudi Aramco targets net zero by 2050
Saudi Aramco, the world’s largest oil company, is aiming to achieve net zero emissions by 2050, the company’s president and CEO Amin Nasser announced at the Saudi Green Initiative (SGI) on 23 October
Saudi Aramco, the world’s largest oil company, is aiming to achieve net zero emissions by 2050, the company’s president and CEO Amin Nasser announced at the Saudi Green Initiative (SGI) on 23 October.
The announcement followed an announcement by Crown Prince Mohammed bin Salman al-Saud that Saud Arabia was aiming to achieve net zero carbon emissions by 2060 through the Carbon Circular Economy approach.
“We understand the road will be complex and this transition will have challenges, but we’re confident we can meet them and accelerate our efforts to a low-emission future,” Nasser said.
Crown Prince Bin Salman had earlier revealed that initial net zero initiatives would represent SR700bn ($186bn) of investments to contribute to the growth of a green economy in the country.
As part of the first steps to reaching net zero, the kingdom has set a target to reduce carbon emissions by 278 Mtpa by 2030, the crown prince revealed.
The revised 2030 target more than doubles the target set for this period at the announcement of the Saudi Green Initiative earlier in 2021.
Saud Arabia will also join the Global Methane Pledge to cut global methane emissions by 30 per cent by 2030 as part of its commitment to deliver cleaner energy.
Initiatives set out by the crown prince as initial steps to reaching set zero include planting 450 million trees and rehabilitating 8 million hectares of degraded land by 2030, which will reduce carbon emissions by 200 million tonnes.
Bin Salman revealed that Saudi Arabia was joining the Global Ocean Alliance, establishing the Ocean Exploration Foundation, and developing a Global Centre for Tourism Sustainability to play a part in the kingdom’s roadmap to achieving net zero.
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