Saudi Aramco discussed plans for carbon capture developments at the China Development Forum 2021. The company is looking to work with Chinese partners on blue hydrogen, ammonia production, and carbon capture utilization and storage. As a major crude supplier for China, Saudi Aramco says it’s prioritizing achieving the country’s low carbon emissions goals.
China targets emissions to peak by 2030 and becomes net zero by 2060. Many energy giants like China Petroleum & Chemical Corp. and Sinopec are working on a transition to blue hydrogen to achieve those goals. Blue hydrogen is a process in which most CO2 is captured and stored. Green hydrogen is another area of interest. It is produced using renewable energy and a byproduct from the process is oxygen.
Saudi Aramco Carbon Capture Ambitions
Saudi Aramco wants to participate in every step of China’s development. The Chinese economy is changing slowly towards carbon neutrality, including carbon capture and storage.
“Everything from the 14th five-year plan, dual circulation and Belt and Road to peak greenhouse gas emissions by 2030, 2035 goals, the 2nd centennial goal by 2049, and net carbon neutrality by 2060,” said Amin Nasser, the company’s chief executive.
“And every step of the way we aim to be side-by-side with our Chinese partners, delivering these strategic, value-adding, parallel priorities,” he added.
Saudi Aramco’s ambitions in China include investments in integrated downstream projects for heavy transport and chemicals. Others also include lubricants as well as non-metallic materials. One of the company’s priorities is developing new energy infrastructure. It also aims to fix the challenges in the technical and economic spectrum that new alternative sources of energy face.
The company sees research and innovation on carbon capture and storage essential for meeting China’s climate change targets. The falling profits of Aramco and other oil producers after the Covid-19 pandemic are not stopping the investments needed for achieving long-term carbon neutrality.
