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illuminem summarizes for you the essential news of the day. Read the full piece on Gulf News or enjoy below:
🗞️ Driving the news: Saudi Aramco, along with partners Linde and SLB, has announced plans to establish a carbon capture and storage (CCS) hub in Jubail, aiming to sequester up to 9 million tonnes of CO2 annually by 2027
• The hub will capture emissions from Aramco’s gas plants and other industrial sources, storing them in an underground saline aquifer
• Aramco owns 60% of the venture, with Linde and SLB each holding a 20% stake
🔭 The context: This initiative aligns with Aramco's net-zero Scope 1 and Scope 2 emissions goal by 2050, ten years ahead of Saudi Arabia’s national target
• It complements Aramco's broader sustainability programs and includes partnerships to explore advanced carbon capture technologies, such as CycloneCC
• While addressing emissions from operations, the company’s Scope 3 emissions—generated by customers burning its products—are not included in these targets
🌍 Why it matters for the planet: As one of the largest CCS hubs globally, this project could significantly reduce industrial CO2 emissions, aiding global climate goals
• However, the exclusion of Scope 3 emissions from Aramco’s net-zero pledge limits its impact on the overall carbon footprint of fossil fuel use
⏭️ What's next: Phase one of the CCS hub is expected to start operations by 2027, and additional technology trials with partners like Carbon Clean and SAMSUNG E&A are underway
• Further scaling of CCS infrastructure could become a cornerstone of Saudi Arabia's energy transition strategy
💬 One quote: “CCS plays a critical role in furthering our sustainability ambitions and our new energies business,” - Ashraf Al Ghazzawi, Aramco EVP of Strategy & Corporate Development
📈 One stat: The CCS hub is projected to sequester up to 9 million tonnes of CO2 annually by 2027.
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