Aramco Advances Development of Emissions Reduction Solutions

This picture shows Aramco tower (C) at the King Abdullah Financial District (KAFD) in Riyadh on April 16, 2023. (AFP via Getty Images)
This picture shows Aramco tower (C) at the King Abdullah Financial District (KAFD) in Riyadh on April 16, 2023. (AFP via Getty Images)
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Aramco Advances Development of Emissions Reduction Solutions

This picture shows Aramco tower (C) at the King Abdullah Financial District (KAFD) in Riyadh on April 16, 2023. (AFP via Getty Images)
This picture shows Aramco tower (C) at the King Abdullah Financial District (KAFD) in Riyadh on April 16, 2023. (AFP via Getty Images)

Saudi Aramco, one of the world’s leading integrated energy and chemicals companies, is further advancing the development of emissions reduction solutions including lower-carbon hydrogen, Direct Air Capture (DAC) of carbon dioxide, a novel approach to CO2 storage that involves turning carbon dioxide into stone, and the harnessing of geothermal energy.

The projects support Aramco’s ambition to achieve net-zero Scope 1 and Scope 2 greenhouse gas emissions across its wholly-owned and operated assets by 2050, as well as the Kingdom of Saudi Arabia’s 2060 net-zero ambition. Details of the projects were disclosed on the sidelines of MENA Climate Week 2023, which is taking place in Saudi Arabia from October 8 to 12.

Aramco Executive Vice President of Technology and Innovation Ahmad Al Khowaiter said: "These projects highlight just some of the innovative ways that Aramco aims to help mitigate greenhouse gas emissions and address climate change."

"We are working on multiple fronts, partnering with leaders in a variety of fields, in an effort to advance technology solutions that have the potential to make a real impact. This includes new and groundbreaking approaches that align with our vision of a circular carbon economy, as we strive to meet the world’s energy needs both now and in the future," he added.

Following the success of a pilot project in Denmark, Aramco is in the process of signing an engineering agreement with Topsoe, a leader in energy-efficient technologies, to construct a lower-carbon hydrogen demonstration plant at the Shaybah Natural Gas Liquids (NGL) recovery plant in Saudi Arabia.

It is expected to have a production capacity of six tons of hydrogen per day and use renewable electricity in electrified steam reforming of hydrocarbons to produce lower-carbon hydrogen for use in power generation, with resulting CO2 being captured and sequestered.

Aramco is also collaborating with Siemens Energy to develop a DAC test unit in Dhahran, Saudi Arabia, with the capacity to capture up to 12 tons of CO2 per year. The test unit, which is expected to be completed in 2024, is intended to pave the way for a larger pilot plant that would have a CO2 capture capacity of 1,250 tons per year.

In addition, Aramco has successfully piloted a novel CO2 sequestration solution using in situ mineralization, which involves dissolving CO2 in water and injecting it into volcanic rocks in Jazan, Saudi Arabia.

The process permanently converts CO2 into carbonate rocks and the pilot team involved representatives from Aramco and the King Abdullah University of Science and Technology. Several innovative technologies were developed and deployed in the pilot, to help increase efficiency and reduce cost.

The Company is also exploring the expansion of its renewable energy portfolio by tapping into geothermal energy, which involves converting steam from naturally heated underground aquifers into electricity.

Three potential areas on the west coast of Saudi Arabia have already been identified and mapped using sophisticated subsurface technologies, and steps are underway to assess the extent of geothermal resources at each location.



PIF Hosts 7th Annual One Planet Sovereign Wealth Funds Summit in Riyadh

PIF Hosts 7th Annual One Planet Sovereign Wealth Funds Summit in Riyadh
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PIF Hosts 7th Annual One Planet Sovereign Wealth Funds Summit in Riyadh

PIF Hosts 7th Annual One Planet Sovereign Wealth Funds Summit in Riyadh

Saudi Arabia’s Public Investment Fund (PIF) organized the seventh annual summit for the One Planet Sovereign Wealth Funds (OPSWF) Group in Riyadh on Tuesday.

French President Emmanuel Macron, PIF Governor Yasir Al-Rumayyan, and over 100 CEOs, members of OPSWF, asset managers, and private equity fund representatives attended the event.

The summit coincided with Saudi Arabia's hosting of the 16th Conference of the Parties to the Conference of the Parties (COP16) of the United Nations Convention to Combat Desertification, the Saudi Green Initiative, and the One Water Summit.

Tuesday’s discussions focused on the pivotal role of sovereign wealth funds as global investors in addressing climate challenges, creating value through opportunity-driven investments, and financing current and future climate solutions to drive economic transformation and sustainable development.

Other issues included expanding investments in renewable energy, supporting green financing in hard-to-abate sectors, utilizing artificial intelligence to enhance emission reduction strategies, and advancing green building standards.

Key action tracks were identified to enhance investment decision-making for climate action, boost efficiency and impact within the global financial system, and address crucial areas, such as climate-related data, enabling technologies like AI, transition finance, clean hydrogen, greening real estate, and renewables in emerging markets and developing economies.

"PIF is committed to net zero by 2050, contributing to Saudi Arabia's aim of net zero by 2060. Renewables is one of PIF's strategic sectors, and PIF is working toward the localization of renewable energy and hydrogen production to achieve its target of developing 70% of the nation's renewable energy capacity," he added.

He stressed PIF's ongoing efforts to support sustainability through various projects and initiatives, including the issuance of its Green Finance Framework, the first sovereign wealth fund to issue a green bond, and the first to issue a 100-year green bond.

PIF and OPSWF Network members are building a sustainable and inclusive investment approach to ensure inclusivity for all in the transition to net zero, he noted.