Saudi Aramco will operate its wholly-owned assets at net-zero Scope 1 and Scope 2 emissions by 2050, announced the Dhahran-headquartered company in a press release last week. Aramco is one of the world’s largest producers of hydrocarbons and extracts about 11 million barrels of oil and 300 million cubic meters of natural gas per day.
The press release also said the effort is “an important part of the company’s focus on long-term shareholder value creation by advancing its goals through a company-wide approach in sustainability.” The company listed on the stock exchange in December 2019 having been privately owned since 1933.
Rival oil companies from the United States and Europe have been feeling pressure lately from activist shareholders who use corporate governance mechanisms to urge boardrooms to reduce carbon footprints and future proof business.
“Aramco recognizes both the scale and urgency of the climate challenge as well as its responsibility to help address it,” said Aramco Chairman Yasir Al-Rumayyan in the release.
> Read more about the Greenhouse Gas Protocol and emissions scopes here.
Saudi Aramco’s upcoming sustainability report is due in the second quarter of 2022 and will contain more information on how the company intends to cut emissions over the next three decades. No details have yet been made available regarding the reduction of its Scope 3 emissions, which are those generated by the use of its products such as transportation fuel.
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