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The Race To A Low-Emission Future: How MENA Oil And Gas Giants Are Adapting
Forbes Middle East - English
|Oct 2023
Oil and gas operations account for nearly 15% of energy-related greenhouse gas emissions globally, according to a recent report by the International Energy Agency. Over 600 billion in investments are required to cut oil and gas emissions in half by 2030. Here are some notable investments and initiatives by oil and gas firms in MENA in their journey to a low-carbon future.
Aramco Country: Saudi Arabia
The world’s largest oil company, Aramco, has taken several steps towards achieving net-zero emissions by 2050. In March 2023, Aramco announced an agreement with Linde Engineering to jointly develop a new ammonia cracking technology to create new commercial opportunities within the global lower-carbon energy supply chain. It also signed a letter of intent with Geely and Renault Group for a new powertrain company to focus on lower-emission technologies. This comes in line with Aramco’s $1.5 billion Sustainability Fund announced in October 2022 and managed by its venture capital arm, Aramco Ventures. In July 2023, Aramco, in collaboration with TotalEnergies and SABIC, completed the processing of oil derived from plastic waste into ISCC+ certified circular polymers for the first time in MENA.
ADNOC Country: U.A.E.
This story is from the Oct 2023 edition of Forbes Middle East - English.
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