DUBAI (Reuters) - Saudi Aramco said on Wednesday it was joining the World Bank’s initiative to reduce gas flaring to zero by 2030 and said its flaring was already less than 1% of its total raw gas production in the first half of 2019.
Aramco kick-started its initial public offering (IPO) this week, announcing its intention to float on the domestic bourse in what could be the world’s biggest listing, planned for later this year.
The World Bank’s Zero Routine Flaring initiative aims to reduce wasteful burning of natural gas at production fields, and to reduce emissions of hydrofluorocarbon (HFCs), industrial gases with a high potential to trap the earth’s heat.
“We are also investing in advanced technologies to enable greater efficiency and lower emissions in transport, carbon-free hydrogen fuels, and carbon capture, utilization and storage (CCUS),” Ahmad al-Saadi, Aramco’s senior vice president for technical services, said in the statement.
“This is all part of our broader effort to enable the circular carbon economy and deliver clean, reliable and affordable energy to the world while minimizing greenhouse gas emissions,” he said.
Aramco’s vast oil reserves, which mean it can sustain current production levels for the next 50 years, make it more exposed than other companies to a rising tide of environmental activism and shift away from fossil fuels.
Writing by Rania El Gamal; Editing by Edmund Blair