ASSESSMENT OF SAUDI ARAMCO’S CLIMATE STRATEGY

The briefing finds that Saudi Aramco's climate strategy lacks transparency and is misaligned with 1.5°C pathways. The company plans to increase oil and gas production capacity through 2030, resulting in production levels significantly above the IEA Net Zero Emissions (NZE) scenario. Investment remains heavily skewed toward upstream fossil fuel activities, with renewables expected to constitute less than 1% of its energy mix by 2030. Furthermore, the company does not disclose scope 3 emissions or targets, making a full GHG trajectory projection impossible.

• Saudi Aramco's climate plan lacks the transparency necessary for stakeholders to evaluate its alignment with a 1.5°C pathway, specifically omitting detailed information on emissions, capital expenditure (CAPEX) plans, 2030 production volumes, and its reference scenario.
• The company's projected 2030 production is misaligned with the IEA Net Zero Emissions (NZE) scenario. Based on currently producing fields and those under development or evaluation, production will be 6% higher than NZE levels; at full capacity, it will be 23% higher.
• Saudi Aramco is continuing to expand its fossil fuel capacity, planning to increase crude oil production capacity from 12 million barrels per day (mmbbl) to 13 mmbbl per day by 2027 and increase gas production by 50% by 2030.
• Investment is heavily prioritized toward upstream fossil fuel activities. In 2022, 78% of investments were dedicated to the upstream segment, and the company expects 60% of CAPEX to be dedicated to upstream in the near term.
• Renewable energy remains a negligible part of the company's energy strategy, with a projected share of less than 1% of its energy supply mix by 2030, despite a target of 12 GW net renewable capacity.
• The company's decarbonization targets are limited to scope 1 and 2 emissions for 2035. Because it does not report or set targets for scope 3 emissions, its overall GHG emissions trajectory cannot be projected.
• Saudi Aramco relies on Carbon Capture and Storage (CCS) to meet targets, aiming to capture 9 Mtpa in 2027 and 11 Mtpa in 2035, though the report notes this presents a material risk due to the technology's limited scale and high costs.

APA

Delaporte, L.-M., Her, H., Pinson, L., Schreiber, P., Faul, C., & McCully, P. (2023). ASSESSMENT OF SAUDI ARAMCO’S CLIMATE STRATEGY. Reclaim Finance. https://reclaimfinance.org/site/wp-content/uploads/2023/12/20231207-briefing-climate-strategy-assessment-Saudi-Aramco.pdf

Chicago

Delaporte, Louis-Maxence, Henri Her, Lucie Pinson, Paul Schreiber, Clément Faul, and Paddy McCully. ASSESSMENT OF SAUDI ARAMCO’S CLIMATE STRATEGY. Reclaim Finance, 2023. https://reclaimfinance.org/site/wp-content/uploads/2023/12/20231207-briefing-climate-strategy-assessment-Saudi-Aramco.pdf.

Wikipedia

{{cite report |last1=Delaporte |first1=Louis-Maxence |last2=Her |first2=Henri |last3=Pinson |first3=Lucie |last4=Schreiber |first4=Paul |last5=Faul |first5=Clément |last6=McCully |first6=Paddy |title=ASSESSMENT OF SAUDI ARAMCO’S CLIMATE STRATEGY |publisher=Reclaim Finance |date=December 2023 |url=https://reclaimfinance.org/site/wp-content/uploads/2023/12/20231207-briefing-climate-strategy-assessment-Saudi-Aramco.pdf |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{delaporte2023assessment, author = {Delaporte, Louis-Maxence and Her, Henri and Pinson, Lucie and Schreiber, Paul and Faul, Clément and McCully, Paddy}, title = {{ASSESSMENT OF SAUDI ARAMCO’S CLIMATE STRATEGY}}, institution = {Reclaim Finance}, year = {2023}, month = dec, url = {https://reclaimfinance.org/site/wp-content/uploads/2023/12/20231207-briefing-climate-strategy-assessment-Saudi-Aramco.pdf}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }