- Corporate News
Aramco declares ambition to achieve net-zero emissions by 2050
The Saudi Arabian Oil Company (Saudi Aramco) announced its ambition to achieve net-zero Scope 1 and Scope 2 greenhouse gas emissions across its wholly-owned operated assets by 2050.
Scope 1 covers direct emissions from owned or controlled sources. Scope 2 covers indirect emissions from the generation of purchased electricity, steam, heating and cooling consumed by the reporting company. Scope 3 includes all other indirect emissions that occur in a company’s value chain.
Aramco’s ambition is an important part of the company’s focus on long-term shareholder value creation by advancing its goals through a company-wide approach in sustainability.
The company 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. 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,” said Aramco Chairman H.E. Yasir Al-Rumayyan.
“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,” said Amin H. Nasser, Aramco president and CEO.
“The road ahead will be complex, as 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.”
Aramco plans to disclose further details in its forthcoming Sustainability Report to be issued in the second quarter of 2022.