São Paulo – Saudi Aramco, the world’s largest oil producer and exporter, aims to achieve net-zero greenhouse gas emissions by 2050. To this end, it is working on a transition strategy that was addressed on Thursday (24) by the company’s vice president of energy and economic insights, Musaab Al Mulla, at the B20 Summit taking place in São Paulo.
Al Mulla said that being a reliable energy supplier is the most important aspect for Saudi Aramco, but sustainability has been part of the company’s DNA since the 1970s, with efforts to mitigate the impacts of oil and gas combustion. He argued that it is necessary to continue meeting the world’s energy demand while also reducing the carbon footprint.
One of the pillars of Saudi Aramco’s plan to achieve net-zero emissions is energy efficiency, involving the development of more effective power plants. This includes the creation of steam and power cogeneration facilities, increasing generation efficiency by 40%. The reduction of emissions from gas exploration is also part of the strategy, along with investments in renewable energy.
Regarding renewable energy, Al Mulla said that Saudi Arabia aims for half of its capacity in the sector to come from solar and wind energy by 2050. “Aramco has decided to be part of this journey,” he said. Another aspect of the strategy is carbon capture, which involves using technologies to remove carbon emissions from the atmosphere. The plan includes capturing nine million tons per year by 2027, six million tons being removed by Saudi Aramco itself and the remainder by adjacent industries.
Another action plan of the company towards sustainability is emissions offsetting. Al Mulla mentioned that Brazil is a great example in this area due to its plantations. The executive highlighted Saudi Aramco’s tree planting operations and the carbon market in his country, where the company is one of the facilitators. He also said the audience about other sustainability initiatives, such as the company’s status as a founding member of the Oil and Gas Climate Initiative (OGCI).
B20 Summit
Saudi Aramco is one of the master sponsors of the B20 Summit, along with fellow Saudi company SABIC. Al Mulla spoke on the panel “Driving the Future Towards a Just Net-Zero Transition,” where other major companies also shared their sustainability plans. The Summit runs until Friday (25) at the Monte Lebanon Athletic Club, gathering the private sector from G20 countries. The Arab-Brazilian Chamber of Commerce (ABCC) participates in the B20 Summit with its leaders and executives, while also supporting Arab participation.
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B20: Private sector pushes net zero goals
Translated by Guilherme Miranda
