Al-Rumayyan highlights need for transitional phase for reliable, low-cost energy supply

Yasir Al-Rumayyan, Chairman of Saudi Aramco

The world needs a transitional phase that provides reliable, affordable and low-cost energy supply, and does not leave anyone behind, Saudi Press Agency reported, citing Yasir Al-Rumayyan, Chairman of Saudi Aramco.

Aramco's ambition to reach net zero carbon goal is an important part of its long-term strategy, Saudi Press Agency quoted Al-Rumayyan as saying.

The process of energy transition is incredibly complex, and will not be easy. Facing the challenges of climate change and improving sustainability measures requires cooperation and commitment from all countries, societies and people, as it is not possible to meet the challenges of climate change single-handedly, Al-Rumayyan said.

The Green Saudi Initiative is aimed to consolidate the country's efforts to increase reliance on clean energy and overcome the challenges of climate change.

This will contribute to achieving the Kingdom's environmental goals by helping reduce emissions, as well as enhance the company's contribution to the global energy transition, as it continues to provide essential power supplies to customers all over the world, he said.

As to how Saudi Aramco plans to achieve its ambition to reach zero emissions, Al-Rumayyan indicated that the company intends to reveal more details in the upcoming sustainability report, which will be issued in the second quarter of 2022.

He added that the Saudi Aramco has a unique platform through which it can address climate change and support the energy transition, with its carbon and methane emissions ratings among the lowest in the world in the exploration and production sector. He also noted that the company has one of the lowest flaring intensity rates.

He pointed out that, in order to achieve Saudi Aramco's ambition to reach zero emissions, the company will need to maintain and enhance its performance in the long term, as well as reduce the impact of its emissions amid ongoing growth.

Aramco is working on multiple fronts to make tangible progress, starting from carbon capture and storage to low-carbon fuels, including hydrogen, and synthetic fuels. It is also promoting a circular carbon economy, which focuses on reducing, reusing, recycling and removing carbon dioxide emissions.