Saudi Aramco aims to achieve net zero emissions from its operations by 2050 while also expanding its maximum sustained production capacity to 13 million barrels per day, Chief Executive Amin Nasser said on Saturday.
Nasser also warned that global spare capacity of crude was declining fast and there was a need for more investment, saying "demonising" the hydrocarbon industry was counterproductive to ensuring stable energy supplies.
Nasser said investment in gas would allow Aramco to eliminate a lot of the liquid burning in the kingdom.
In recent weeks, power prices have surged to record levels and oil and natural gas prices have hit multi-year highs. Widespread energy shortages have engulfed Asia, Europe and the United States. read more
"Our investment is not going to be enough. The rest of the world need to make the right investment now otherwise you will end up with a global economic crisis," he said. "Demonising the hydrocarbon industry is not going to help anyone."
Ahead of a U.N. climate summit that starts at the end of October, the IEA said investment in renewable energy needs to triple by the end of the decade if the world hopes to effectively fight climate change and keep volatile energy markets under control.
https://www.reuters.com/business/cop/aramco-aims-net-zero-emissions-operations-by-2050-ceo-says-2021-10-23/