No single solution will solve the climate challenge, and meeting global emissions reduction targets requires the prompt and coordinated action of governments, the business community, nongovernmental organizations (NGOs), and individuals to play an active part in limiting rising levels of GHG emissions.
This is why Aramco is focused on collaboration to help develop sustainable energy systems and low GHG technologies.
As a founding member of the Oil & Gas Climate Initiative (OGCI), we have partnered with many of the world’s leading energy companies to commit to targets to lower the intensity of the crude oil we produce, establish a pathway to remove methane emissions, and speed up the development of CCUS technologies and other GHG solutions.
In October 2020, OGCI announced its aggregate performance data for 2019. It shows the collective upstream methane and carbon intensity of member companies’ aggregated upstream oil and gas operations stand at 0.23% and 21.1 kg CO2e/boe respectively. This is a significant reduction in intensity for both metrics compared to 2018.
Having surpassed the original collective average upstream methane intensity target of 0.25%, OGCI will now aim to lower methane intensity to 0.20% by 2025. Progress to date represents a 22% reduction in absolute upstream methane emissions since 2017.
OGCI also announced significant progress against its collective upstream carbon intensity target in October 2020, which included a target range of between 20 kg and 21 kg CO2e/boe by 2025. Actions by member companies resulted in a 7% reduction in collective average upstream carbon intensity since 2017, reaching 21.1 kg CO2e/boe in 2019. This progress involved reducing absolute upstream (Scope 1 and 2) emissions by 21 million tons of CO2e – equivalent to eliminating the emissions from energy use of 2.4 million US homes. OGCI member companies are now focused on achieving the lower-end 20 kg CO2e/boe target. Achieving this would mean a reduction of 13% in carbon intensity against the 2017 baseline.
Aramco is also a Steering Committee Member of the Hydrogen Council – a CEO-led initiative that aims to accelerate the development and deployment of hydrogen globally. This is important given the wide recognition of hydrogen’s potential to help the world reduce emissions while addressing its energy needs.