DUBAI — Governor of Saudi Public Investment Fund (PIF) and Chairman of Saudi Aramco Yasir Al-Rumayyan said that Saudi Aramco will be one among the largest investors in the production of blue hydrogen, which reduces carbon emissions. “Carbon sequestration is also one of the methods that helps in bringing down emissions and we want to reach carbon zero as quickly as possible,” he said while addressing a dialogue session at the Saudi Green Initiative 2023 Forum in Dubai on Monday.

“Saudi Aramco and Saudi Arabia have begun to take steps in the field of green hydrogen production, and all countries must deal in a realistic and practical manner with this issue, and find solutions that guarantee a better life for our children and grandchildren in the future,” he said.

Al-Rumayyan emphasized that the PIF has conducted a complete assessment of the level of emissions related to its various activities to reach carbon zero in 2050. “The Public Investment Fund was one of the first sovereign funds in the world to issue green bonds, the value of which was $8.5 billion, and the Fund invested in a company such as AquaPower, which is one of the largest companies investing in renewable energy around the world. There is another matter that we want to achieve on this environmental aspect, which is also to reduce the prices of energy production, especially the cost of a watt-hour of solar energy, from one cent to 0.76 cents."

Al-Rumayyan said that the world has about 600 million people who do not have any energy, and by 2050 there will be about two billion new energy consumers. “We are realistic in our expectations and we cannot say that the world will stop using energy, but the question is how to produce it in a way that is better for the environment and according to better standards to achieve carbon reduction,” he said.

Saudi Aramco has invested in renewable energy through the solar energy company Sudair Solar. “We will continue to invest through the Public Investment Fund and other investments in renewable energy. We must be more practical and less idealistic in our aspirations, and this is our philosophy at Aramco,” he said while pointing out that Saudi Aramco’s carbon emissions are the lowest in the energy sector globally. “We will continue to work with our partners to reduce the cost of renewable energy, and by the first quarter of 2024 we will design a plan to achieve net zero emissions,” he said.

Al-Rumayyan said that the countries that produce the most carbon emissions are China, then the United States, and then India. Since the industrial revolution, emissions have increased in Europe, then the United States of America, China and India. “We cannot say that developing countries will reduce emissions at the same rate required of developed countries, especially with the difficulty of reaching energy in many local communities in these countries.”

He pointed out that these countries must have energy first and then be asked to reduce carbon emissions. They cannot be deprived of energy at a time when they need it to achieve economic growth, as this matter cannot be overlooked in these societies.

“We in the Kingdom of Saudi Arabia, whether in Aramco and the companies owned by PIF, are trying to commit to and do our duty in the energy transition, and we must ask others around the world to do something similar instead of talking about the issue only in forums, and to do serious work and monitor what is happening on the ground,” he said while revealing that Saudi Aramco is leading efforts to stop burning associated gas globally.”

Al-Rumayyan said that the United States of America supports green hydrogen with large amounts of incentives for its production. “I do not think that this will achieve sustainability in the long term, and it cannot be continued, but the alternative is a gradual shift towards renewable energy sources while reducing the cost of production,” he added

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