- 12 GW of investment to be made into solar and wind power renewables generation by 2035.
- Scope 1 and 2 net-zero emissions targets by 2050.
Saudi Aramco, the Saudi Arabian oil giant, aims to reach 12 GW of investment into solar and wind power renewables generation by 2035. The company’s first sustainability report was published on Wednesday, and it plans to make updates to the plans every year.
The document was released just after Saudi Aramco announced its goal of attaining net-zero scope 1 and 2 emissions across its fully-owned assets by 2050. Details of the sustainability report include a short-term target of reducing or mitigating scope 1 and 2 emissions in both its upstream and downstream activities by more than 50 million tonnes of CO2 equivalent annually versus the business-as-usual forecast.
The company will invest in renewables with the potential to use that strategy to reduce 14 million tonnes of CO2e annually by 2035. It will also employ Carbon Capture, Utilisation and Storage (CCS) to cut an additional 11 million tonnes.
Aramco’s goal is to reduce its Upstream carbon footprint by at least 15% to 8.7 kg of CO2e per barrel of oil equivalent (CO2e/boe) by 2035, against a 2018 baseline, and to produce up to 11 million tonnes of blue ammonia per year by 2030.
“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,” said Amin H Nasser, Aramco’s president and CEO