Stock Aramco President and CEO Amin H Nasser
Aramco's President and CEO, Amin H. Nasser said on Saturday the energy giant is committed to being a net zero enterprise by 2050. Image Credit: Reuters

Riyadh:  Energy giant Saudi Aramco committed to being a net zero enterprise by 2050, its chief said Saturday, shortly after the kingdom said it aimed to achieve zero carbon emissions by 2060.

Saudi Arabia, the world's top crude exporter, said it would also join a global effort to cut methane emissions by 30 percent by 2030.

"Saudi Aramco will achieve an ambition of being also a net zero from our operation by 2050," Amin Nasser told the "Saudi Green Initiative" forum.

"We understand that the road will be complex, the transition will have its challenges, but we are confident we can meet them and accelerate our efforts to a low emission future."

Earlier, in recorded remarks, Saudi Crown Prince Mohammed bin Salman told the forum that the kingdom's target was to reach net zero emissions by 2060.

Don't demonise hydrocarbons, more spare capacity needed

Riyadh: The chief executive of oil giant Saudi Aramco, Amin Nasser, said on Saturday the hydrocarbon industry should not be demonised, and more investment is needed to ensure adequate spare capacity or else there could be an "economic crisis".
Nasser, speaking at the Saudi Green Initiative, said crude oil spare capacity is "declining fast" and with the opening of economies post COVID-19, usage will increase. He said Aramco was doing its part but the "rest of the world needs to do its part".
Nasser, whose remarks come at a time of growing calls for a reduction in fossil-fuel investment, said the focus should be on both existing and new energy sources and that "demonising" the hydrocarbon industry "will not help anybody"

As the global COP26 global climate summit approaches, a string of countries have pledged to aim for net zero emissions by 2050, and global airlines and banks are also targeting the mid-century goal.

UN chief Antonio Guterres said Friday the current climate situation was "a one-way ticket for disaster", stressing the need to "avoid a failure" at COP26 in Glasgow.

Held between October 31 and November 12, the gathering is seen as a crucial step in setting worldwide emissions targets to slow global warming.

Saudi Arabia is estimated to emit about 600 million tonnes of carbon dioxide per year - more than France and slightly less than Germany.

The year 2050 has become a focus for carbon neutrality, defined as achieving a balance between emitting carbon and absorbing carbon from the atmosphere.