(Bloomberg) -- Saudi Aramco, the world’s biggest exporter of oil, set a goal of reaching net-zero emissions from its operations by 2050, Chief Executive Officer Amin Hassan Nasser said Saturday. The target excludes emissions by customers burning the company’s crude.
“We understand the goal will be complex and will have challenges, but we will meet them,” Nasser said at the Saudi Green Initiative conference.
As part of its plan, the company will make huge investments in gas over the next decade, Nasser said. That will help reduce the amount of crude it burns domestically.
Nasser also said Aramco has ambitions in renewable sources of energy like blue hydrogen, which is produced using natural gas, with the carbon captured and stored. At the same time, the oil giant is working to expand capacity and isn’t abandoning existing energy resources, he said.
“Spare capacity is declining fast,” he said, especially if air travel picks up after pandemic lockdowns.
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