Daily Times

Saudi Aramco, the world’s largest oil-exporting company, aims to achieve an ambitious target of net-zero carbon emissions by 2050, its president and chief executive said hours after the kingdom said it aims to neutralise its emissions by 2060.

There is a need to work on existing energy sources in parallel with investing in new sources, Amin Nasser said during the Saudi Green Initiative forum on Saturday.

“Saudi Aramco will aim to achieve the ambition of being net zero from our operations by 2050,” he said. “The road will be complex but I am confident we can meet them and accelerate our efforts to a low-carbon future.”

“What we need to do is work in parallel: we need to work on our existing sources of energy and, at the same time, [bring] in new sources of energy like renewables and hydrogen, and this is exactly what we’re doing,” Nasser said.

The oil giant is investing to expand its capacity to 13 million barrels per day, grow its gas-processing capacity and eliminate liquid burning in the kingdom, he said.

“While maintaining our existing resources and growing it over the next 10 years, we will be achieving net zero by 2050, so we’re not abandoning our existing sources of energy, at the same time we have big investment in renewables through hydrogen, non-combustible uses of oil like crude to chemicals, non-metallics,” he said.