RIYADH: Saudi Aramco has achieved an 11.4 percent reduction in methane emissions in 2024 and set a new 2030 target to cut upstream carbon intensity, according to its latest sustainability analysis.
Saudi Aramco President and CEO Amin Nasser reaffirmed the company’s commitment to embedding sustainability across all areas of its operations in a new report, saying the target is part of the firm’s “broader roadmap” to achieve net-zero operational emissions by 2050.
is aiming to be carbon neutral by 2060, a commitment announced by Crown Prince Mohammed bin Salman during the Saudi Green Initiative forum in 2021.
As the Kingdom’s flagship energy producer, Saudi Aramco plays a pivotal role in this transition by implementing decarbonization measures, expanding low-carbon energy investments, and deploying climate-focused technologies.
“This is Aramco’s fourth Sustainability Report since announcing our ambition to achieve net-zero Scope 1 and Scope 2 greenhouse gas emissions across our wholly-owned operated assets by 2050. To complement our net-zero ambition, we have also set a new 2030 interim target for reducing our upstream carbon intensity,” Nasser stated in the release.
The interim goal aims to reduce carbon intensity in upstream operations to 8.6 kg of carbon dioxide equivalent per barrel of oil equivalent or lower, compared to the current 9.7 kg CO2e/boe — already among its peers’ lowest upstream carbon intensity.
Aramco has also set a target to achieve a 15 percent reduction by 2035 compared to its 2018 baseline, and has outlined an ambition to mitigate 52 million tonnes of CO2 equivalent annually by 2035, relative to its business-as-usual emissions forecast.
Meanwhile, upstream methane intensity decreased to 0.04 percent in 2024, down from 0.05 percent the previous year.
The report outlines Aramco’s sustainability strategy, including efforts to minimize emissions from existing energy sources, increase efficiency through artificial intelligence, and boost investments in carbon capture, hydrogen, and renewables.
To underline the company’s drive to net-zero, Nasser highlighted a shareholder agreement signed by Aramco in 2024 to develop a carbon capture and storage hub in Jubail.
“When completed, this facility is expected to be one of the largest such projects in the world,” he said.
The CEO added that hydrogen is another area where the company sees potential growth opportunities, “leading to our acquisition of a 50 percent stake in a blue hydrogen company.”
Aramco also signed a non-binding agreement with mining giant Ma’aden to form a joint venture focused on mineral exploration in .
“The joint venture would draw on Aramco’s extensive geoscience data and subsurface knowledge, with lithium production potentially commencing by 2027,” Nasser added.
The company’s growing use of AI is central to its decarbonization drive. AI-enabled analytics are now used to monitor and reduce greenhouse gas emissions across key facilities, while predictive algorithms help optimize equipment performance and reliability.
“Looking ahead, we believe a multi-source, multi-speed, and multi-dimensional approach is required for the global energy transition in order to properly address the energy security, affordability and sustainability priorities of individual countries,” Nasser concluded in his message.
According to the Net Zero Emissions in by 2060 report in 2023 by King Abdullah Petroleum Studies and Research Center, the Kingdom is targeting an annual reduction of 278 million tonnes of CO2 equivalent by the end of the decade in order to reach its net-zero goal by 2060.
The plan includes expanding renewables to 50 percent of the energy mix, phasing out liquid fuels in power generation, and planting 650 million trees.
The Kingdom is also aiming to capture 44 million tonnes of CO2 annually by 2035.
