- Aramco is aiming for net zero emissions by 2050, a decade earlier than the national target
- It plans to invest in renewable energy capacity, namely wind and solar, of 12 GW by 2035
- Plan is also to use the allocation of renewable energy credits from the investments towards decarbonizing power supplied to its operations
Saudi Arabian Oil Company (Aramco) will invest in renewable energy to generate 12 GW of solar and wind power annually by 2035, and produce up to 11 million metric tons blue ammonia annually by 2030 to decarbonize sectors as heavy-duty transport, heating and industrial applications.
Aramco said these efforts among others are targeted to lower emissions by 14 million metric tons annually by 2035, reduce its upstream carbon intensity by at least 15% against 2018 baseline, and achieve net-zero Scope 1 and Scope 2 GHG emissions across its wholly owned operated assets by 2050.
In comparison, the Government of Saudi Arabia is aiming a net zero status by 2060. These efforts will support Saudi Arabia in achieving its objectives under the National Renewable Energy Program (NREP) to increase overall renewable generation capacity to more than 58 GW by 2030 with solar adding 40 GW and wind 16 GW alone (see Saudi Arabia Aims For 40 GW Solar By 2030).
The company said it will use the allocation of renewable energy credits from these investments towards decarbonizing the power supplied to its operations.
In 2022, Aramco said it will evaluate picking up share in 2.3 GW of new renewable energy projects. It already owns a 30% share in 1.5 GW Sudair Solar PV Project as its 1st project under the NREP. The project is planned to be the world’s largest single-contracted solar PV plant and located in Sudair Industrial City (see Financial Closure For 1.5 GW Saudi PV Project).
“Aramco’s low-carbon synthetic fuels aim to combine CO2 captured from industrial processes or directly from the air with green hydrogen, and targeting a CO2 reduction potential of at least 80%. This will be pivotal as we work towards a more circular carbon economy based on reducing, reusing, recycling and removing CO2 emissions,” reads its recently released 1st sustainability report.
Aramco President and CEO Amin H. Nasser explained, “We are investing for the long-term, against a backdrop of global energy and economic uncertainty, and we will continue to integrate breakthrough technologies in our operations over the next decade and beyond.”