Saudi Aramco will become a net-zero carbon energy producer by 2050, said CEO Amin Nasser on Saturday.
He was speaking at a session organized as part of the Saudi Green Initiative Forum in Riyadh.
The Aramco chief said the oil company will replace crude burning for power with natural gas in 10 years.
“We understand the road will be complex and the transition will have challenges. But we’re confident we can meet them and accelerate our efforts to a low-emission future.”
He stressed the need for an orderly energy transition by taking a holistic view of the entire scenario.
Nasser said the world needs inclusive energy policies to avoid any crisis.
The Aramco chief said the oil company is investing heavily in research and development. “We have 12 research centers across the world.”
He said the focus of all our research facilities is to address climate change and find sustainable solutions.
Earlier, the head of ACWA Power, Saudi Arabia’s only listed company with ambitious renewable projects, revealed his companies plans to end investment in non-renewable schemes to achieve net zero by 2050 in an exclusive interview with Arab News.
Paddy Padmanathan, chief executive of ACWA Power, which floated on the Kingdom’s stock exchange earlier this month, told Arab News: “We want to reduce carbon emissions, because climate change is real. We can see it, we can feel it.”
The company is expected to deliver at least 70 percent of Saudi Arabia’s renewable schemes by 2030, and is forecast to take part in around $30 billion worth of green projects over the next 10 years, as the Kingdom’s strategy to diversify its economy away from fossil fuels gathers pace.