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Aramco publishes 2024 sustainability report, sets interim target for emission reduction
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Logo of Saudi Aramco
Saudi Aramco aims to achieve net-zero Scope 1 and Scope 2 greenhouse gas emissions across its wholly-owned operated assets by 2050, the company said in its Sustainability Report for 2024.
The company set a new interim target to reduce the carbon intensity of its upstream operations to 8.6 kg of carbon dioxide equivalent per barrel of oil equivalent or less by 2030, and to achieve a 15% reduction by 2035 compared to 2018 baseline levels.
Aramco aims to reduce the expected emissions from its usual operations by 52 million metric tons of carbon dioxide equivalent per year by 2035.
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Key Performance Indicators |
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Related Indicators |
2023 |
2024 |
Status |
|
Scope 1 Emissions (million metric tons of carbon dioxide equivalent) |
54.4 |
56.1 |
Scope 1 emissions increased by 3.1% compared to 2023, primarily due to increased gas operations and production. |
|
Scope 2 Emissions - market based (million metric tons of carbon dioxide equivalent) |
13.0 |
12.4 |
Scope 2 emissions decreased by 4.6% compared to 2023, driven by lower emissions factors for electricity and steam imports. |
|
Carbon emissions intensity from upstream sector – market based (kilograms of carbon dioxide equivalent per barrel of oil equivalent) |
9.6 |
9.7 |
Recorded a 1% increase due to higher gas production, processing, and storage operations to meet growing domestic gas demand in the Kingdom and reduced marketed production volumes. |
|
Methane emissions - upstream sector (metric tons of methane) |
27708 |
24548 |
Declined by 11.4% due to enhanced implementation of flare gas recovery systems to reduce gas release and flaring, and enhanced leak detection and repair initiatives to reduce gas emissions. |
|
Methane emissions intensity - upstream sector (%) |
0.05 |
0.04 |
Recorded a decrease of 0.01 percentage points due to lower methane emissions in the upstream sector. |
|
Flare intensity (standard cubic feet/barrel of oil equivalent) |
5.64 |
6.07 |
Flare intensity rates rose by 7.6% compared to 2023, supported by increased gas operations and lower oil production. |
|
Gas consumed in flares (million standard cubic feet) |
27506 |
28846 |
Gas consumed in flares increased by 4.9% compared to 2023, due to the expansion of gas operations during the year. |
|
Energy intensity (thousand British thermal units per barrel of oil equivalent) |
153.8 |
162.9 |
Energy intensity rose by 5.9% compared to 2023, due to higher energy consumption in the refining, chemicals, and marketing sector, driven by the expansion of gas operations and compression activities, which are more energy-intensive. |
|
Energy consumption (million British thermal units per hour) |
85649 |
88091 |
Energy consumption rose by 2.9% compared to 2023 amid increased energy demand for gas compression and refining, chemicals, and marketing operations. |
The company stated that it has developed its own climate change and energy transition framework based on four pillars for its ambition to achieve net zero Scope 1 and 2 emissions across all its wholly-owned and operated assets.
The first pillar builds on the company's competitive advantage as a leader in lower-carbon upstream operations by reducing emissions and improving energy efficiency.
The second pillar aims to develop lower-carbon solutions, including transition technologies in transportation and fuels, to achieve its ambition to reduce greenhouse gas emissions.
The third pillar intends to support the materials transition and the use of non-metallic materials by diversifying its products within lower-emission value chains.
The fourth pillar is to enable the above three pillars through investments in technologies, research & development centers, and the $1.5 billion Aramco Ventures Sustainability Fund.
Aramco said it has developed a clear roadmap for reducing greenhouse gas emissions based on five key factors, which include improving energy efficiency in the upstream sector, refining, chemicals, and marketing sectors; reducing methane emissions and flaring rates; enhancing carbon capture technologies; increasing renewable energy production capacity and adopting nature-based solutions, along with purchasing carbon offset credits.
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