GlobalData offers a comprehensive analysis of Saudi Arabian Oil, providing key insights into its Environmental, Social, and Governance(ESG) factors. By closely monitoring and aggregating mentions of Net Zero and associated ESG keywords, GlobalData delivers valuable information on Saudi Arabian Oil‘s ESG performance. GlobalData’s company profile on Saudi Arabian Oil offers a 360-degree view of the company, SWOT analysis, key financials, and business strategy including insights on ESG implementation among other information. Buy the report here.
Saudi Arabian Oil, also known as Aramco, has set a target to achieve Net Zero Scope 1 and Scope 2 greenhouse gas emissions across wholly-owned operated assets by 2050. To facilitate the achievement of its long-term goal, Aramco has established interim objectives aimed at decreasing net Scope 1 and Scope 2 greenhouse gas (GHG) emissions. These targets involve a reduction of 52 million metric tonnes of CO2e compared to the projected business-as-usual emissions for 2035. The company’s latest filings mentioned the keywords ‘Emissions’ and 'Climate Change' most number of times in relation to 'Net Zero'.
In 2022, Aramco's Scope 1 emissions increased from 52.3 to 55.7 million metric tonnes of CO2e, and Scope 2 emissions increased from 15.5 to 16.1 million metric tonnes of CO2e compared to 2021. In 2022, the company’s upstream carbon intensity decreased by 3.7% compared to the previous year and continues to be amongst the lowest of major oil producers in the world.
Aramco has taken steps to reduce its emissions. The company has invested in carbon capture and storage (CCS) technologies that can reduce CO2 emissions from new and existing coal- and gas-fired power plants, industrial processes, and other stationary sources of CO2. The company has also implemented carbon reduction projects that result in a net reduction in absolute CO2/GHG emissions relative to current emission levels. The company has also a circular carbon economy framework for managing and reducing emissions.
In conclusion, Aramco has set ambitious targets to achieve Net Zero greenhouse gas emissions across its operations by 2050. The company's commitment to reducing emissions is evident through its interim objectives and investments in carbon capture and storage technologies, reflecting a proactive approach towards addressing climate change and transitioning to a more sustainable energy future.