Economist / President of Saudi Aramco offers a number of solutions...

Economist / President of Saudi Aramco offers a number of solutions...
Economist / President of Saudi Aramco offers a number of solutions...

Dhahran 10 Rabi` al-Awwal 1442 AH corresponding to October 27, 2020 AD SPA
Saudi President and Chief Executive Officer, Eng. Amin Hassan Al-Nasser, participated today in the Saudi Business Group (B20) summit of the Group of Twenty “virtually”, in the presence of business leaders in the world.
The summit discussed topics of “transformation with a view to inclusive growth,” and the business policies and practices necessary to achieve that goal.
During his participation in a panel discussion entitled “Mobilizing Efforts to Save the Planet”, Engineer Al-Nasser presented a number of proposed solutions to address the challenges faced by small and medium-sized enterprises around the world in line with the United Nations’ sustainable development goals, in addition to the role that the energy sector plays in addressing the phenomenon of climate change. And related initiatives taken by Saudi Aramco.
He stressed that the emerging corona virus (Covid-19) pandemic has caused the biggest setback the world has known since the Great Depression, and among its most prominent consequences were the effects that affected micro, small and medium companies more than other companies, as well as job opportunities, especially for young men and women and people in developing countries. .
Engineer Al-Nasser pointed out that micro, small and medium enterprises represent the largest percentage of commercial companies around the world, and they enjoy special attention in developing countries, indicating that large companies, with their increased adoption of digital solutions, can create new platforms to support more business for emerging, small and medium companies. Adding that micro, small and medium enterprises are helped directly or indirectly by addressing issues such as energy poverty and household air pollution, and making more efforts to reduce or eliminate these problems.
Al-Nasser explained that many governments were quick to deal with the repercussions of the pandemic, and provided economic and financial support, and these governments also took important measures by implementing investments aimed at building a more sustainable and environmentally friendly future.
The president of Saudi Aramco said: “The investments should be large-scale and balanced, and these investments should target renewable energy, climate-related projects, the circular economy, and currently usable energy resources, as they will be part of the global energy portfolio for decades to come.” Speaking about the importance of investments in the field of the environment such as improving water quality, maintaining clean air, developing more efficient and effective waste management systems, and enhancing biodiversity, stressing that these investments will contribute to enhancing the ability of societies to face crises, improve levels of sustainability in them, and provide opportunities Work, in addition to clean and affordable energy, clean water and sanitation, responsible production and consumption, with the goal of eliminating poverty and hunger, and reducing inequality of opportunity.
He added that tourism is one of the most important sectors that fall within the Kingdom’s interests, as it provides many jobs in the service sector, and plays a role in the economic recovery plans for many countries, indicating that there are opportunities for training and development, and job opportunities in developing countries, while the environment remains The focus of it all.
He explained that the issue of climate change is a top priority, and investments in climate-smart or climate-friendly tourism infrastructure have become one of the most important necessities, in roads, airports, railways and smart electrical networks, for example, stressing that climate protection tops the list of priorities. And it should receive the most attention, pointing out that the focus should not be focused solely on new energy sources and technologies, but rather on reducing the carbon emissions of current energy sources because they represent a large part of the global energy system, and will remain so for decades to come.
Engineer Al-Nasser stated that Saudi Aramco is working on five main areas to achieve emission reduction, including:
First: Reducing emissions from crude oil production and its uses, as the carbon intensity of the company’s exploration and production sector is already among the lowest in the world, and the emission intensity of the company’s gas business is also among the lowest in the energy sector, and the company will continue to reduce The intensity of carbon emissions to less than that, and the company is working on creating advanced fuel systems for engines that suit future uses and significantly reduce emissions from cars, and is currently working on improving advanced technologies for carbon capture, exploitation and storage.
Second: The company promotes the uses of oil in areas far from producing fuels, including converting crude oil into chemicals and other materials that result in much less carbon emissions than using it as fuel, and the company has also reached an advanced stage in developing technologies to convert crude oil directly into chemicals, as exemplified by Non-metallic materials derived from crude oil are a top priority for the company, and these materials will replace carbon-intensive materials such as concrete, steel and other metals used in final consumption sectors such as the automobile industry, construction and housing, and equipment used in renewable energy fields, as well as in the crude oil sector. And gas.
Third: The company works in the long term to produce “chemical” fuels from oil such as hydrogen and ammonia, in addition to clean fuels produced in refineries, and by integrating with carbon capture, exploitation and storage technologies, the path of producing new types of oil-derived fuels will help the company produce Carbon-free fuels, and last month the company exported a shipment of blue ammonia to Japan to be used in the production of electricity without any emissions, and the company is also working to significantly increase gas supplies by participating in renewable energy projects in the Kingdom.
He stressed that Saudi Aramco aims to become the world leader in adopting digital technologies in the energy field, and there is no way to achieve this goal without continuing to invest in this field, and its strategic goal is to produce more energy with less carbon emissions, and this is what the company is working on in the center of the revolution. Fourth Industrial City based in Dhahran, calling for the expansion of the adoption of the concept of carbon recycling and its application to the entire global economy by various means, and it is possible to reduce the greenhouse gases further, and examples of this are the reuse and recycling of natural materials such as metals, alloys and many others.
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23:42 CE

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