Whether or not Saudi Aramco makes a meaningful global warming climate change contribution is an open question. Its global warming policy is one of the most significant in the world. The company has pledged to reduce its greenhouse gas emissions. But, there is still much more that they can do to help fight global warming. In this article, we’ll look at their carbon capture technology efforts and the impact of electric vehicles (EVs) on emissions.
Saudi Arabia’s commitment to reducing greenhouse gas emissions
The Kingdom plans to plant 450 million trees by 2030 and another ten billion trees in the coming decades due to its commitment to green energy and climate change. The country will also reforest 8 million hectares of degraded land and designate new “protected areas.” Saudi Arabia currently uses oil to meet rapidly-growing power demand and natural gas to desalinate water, but these two uses consume enormous amounts of oil and gas daily. The Saudi government is under pressure to reduce greenhouse gas emissions, especially given the company’s massive oil reserves.
The country is the 10th largest emitter of carbon dioxide. It has committed to reducing its emissions more aggressively by 2030 and is committed to a net-zero emissions target by 2060. The country’s commitments to carbon-free energy are primarily based on the availability of required technologies and resources. The Saudi government has also committed to increasing the share of renewable energy and diversifying its economy.
While the country is determined to cut its carbon footprint, the Saudi government’s climate plan does not address concerns about the Kingdom’s role as a leading exporter of fossil fuels. Despite these commitments, Saudi Arabia has no plans to slow its oil investments and give up its control of energy markets. The country makes around $150 billion a year from oil exports, and while oil exports form the backbone of its economy, the government has been attempting to diversify its income sources.
Saudi Arabia also joins the Global Methane Pledge, which requires countries to reduce methane emissions by 30% by 2030. With these commitments, Saudi Arabia joins the ranks of over one hundred other nations committed to net-zero emissions.
The Saudi government has repeatedly pushed for environmental sustainability in the past.
Impact of carbon capture technology
Currently, carbon capture technology is not widely used in the oil and gas industry, but it can be used to reduce CO2 emissions from power plants and industrial facilities. This carbon is then used for fuel production, enhanced oil recovery, and other applications. Carbon captured by these processes is then stored in underground geologic formations. Today, there are 26 commercial carbon capture projects in operation or under development worldwide. Of these, 13 have reached the front-end engineering design stage. Carbon capture has the potential to achieve up to 14 percent of the greenhouse gas emissions reductions that are necessary by the year 2050. This technology has been hailed as the only viable and practical pathway toward deep decarbonization of the industrial sector.
The Saudi Arabian Oil Company (SAOC) is the world’s largest corporate emitter of greenhouse gases, responsible for almost 4% of global GHG emissions since 1965. The Saudi government has a long-standing commitment to reducing climate change and implementing climate initiatives. The Saudi oil company, led by CEO Amin bin Hasan Al-Nasser, has also listed 1.5% of its stock on the Saudi Arabian stock exchange. The sale raised $25.6 billion, and the company was valued at $1.7 trillion.
Since the 1970s, carbon capture technology has been applied to industrial projects but has only recently been used in power plants. In gasification, fuel is gasified instead of combusted, creating a synthesis gas mainly containing hydrogen and carbon monoxide. A physical solvent then separates the carbon dioxide. Carbon capture is integrated into a steam turbine to convert the CO2 into electricity in a combined-cycle power plant.
While DACCS and BECCS are currently in development, they are not yet widely used in the oil and gas industry. Nevertheless, Saudi Aramco’s plans to install a large-scale DAC plant that will capture 1 Mt of CO2 each year are a significant step forward. The company intends to begin operations using this technology in 2025. This technology has many benefits, and it may be the best way to reduce Saudi Aramco’s global warming climate change contribution.