Saudi Aramco, the world’s largest oil-exporting company, aims to achieve an ambitious target of net-zero carbon emissions by 2050, its president and chief executive said hours after the kingdom said it aimed to neutralise its emissions by 2060.
There is a need to work on existing energy sources in parallel with investing in new sources, Amin Nasser said during the Saudi Green Initiative forum on Saturday.
"Saudi Aramco will aim to achieve the ambition of being net zero from our operations by 2050," he said.
“The road will be complex but I am confident we can meet them and accelerate our efforts to a low-carbon future."
As the Cop26 climate summit approaches at the end of the month, several countries have pledged to aim for net-zero emissions by 2050, while global airlines, banks and other companies are also targeting the mid-century goal.
Mr Nasser also urged countries not to "demonise" hydrocarbons as the world rapidly transitions to cleaner forms of energy.
"What we need to do is work in parallel: we need to work on our existing sources of energy and, at the same time, [bring] in new sources of energy like renewables and hydrogen, and this is exactly what we’re doing," Mr Nasser said.
Adequate crude oil spare capacity needs to be in place in order to ensure energy security and prevent shortages, he added.
The oil giant is investing to expand its capacity to 13 million barrels per day, grow its gas-processing capacity and eliminate liquid burning in the kingdom.
"While maintaining our existing resources and growing it over the next 10 years, we will be achieving net zero by 2050, so we’re not abandoning our existing sources of energy, at the same time we have big investment in renewables through hydrogen, non-combustible uses of oil like crude to chemicals, non-metallics," Mr Nasser said.
"So we’re investing in new sources of energy but at the same time, we’re not abandoning our existing sources."
Mr Nasser said he saw a decline in spare capacity due to a sharp drop in investments over the past seven years.
"Today there is only three [million] to four million barrels and it is declining fast," he said.
"If the airline industry opens up, the shortage in the airline industry is close to three million barrels today, if that picks up, it will eat the spare capacity that is available."
Global airlines expect losses in 2022 to drop to $11.6 billion after registering a $51.8bn loss in 2021 as aviation makes an uneven recovery from the coronavirus pandemic, industry body the International Air Transport Association said at its annual general meeting in Boston this month.
president and chief executive of Saudi Aramco
"We need to maintain investments in existing resources," Mr Nasser said.
"Oil and gas will continue to be a part of the energy mix for decades to come and we need to invest in that."
Affordability, reliability and global energy security is important or the world risks an economic crisis, he said.
"Investments in technology will help reduce the costs of carbon capture and sequestration," Mr Nasser said, adding that Saudi Aramco was investing in blue hydrogen and green hydrogen projects.
Asked what he expects from the Cop26 meeting, Mr Nasser said there was a need for an orderly transition and a holistic view of energy security otherwise the world risked an economic crisis.
"We need policies that are inclusive, not divisive," he said.
Patrick Pouyanne, chief executive of TotalEnergies, said excluding oil and gas was not the correct answer to an energy transition, because a lack of investment in hydrocarbons could in itself create a crisis.
He said the recent jump in gas prices was due to a "strong rebound" in post-Covid demand and that prices could stabilise "after winter time".
Mohammed bin Zayed Majlis
Plastic tipping points
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Email sent to Uber team from chief executive Dara Khosrowshahi
From: Dara
To: Team@
Date: March 25, 2019 at 11:45pm PT
Subj: Accelerating in the Middle East
Five years ago, Uber launched in the Middle East. It was the start of an incredible journey, with millions of riders and drivers finding new ways to move and work in a dynamic region that’s become so important to Uber. Now Pakistan is one of our fastest-growing markets in the world, women are driving with Uber across Saudi Arabia, and we chose Cairo to launch our first Uber Bus product late last year.
Today we are taking the next step in this journey—well, it’s more like a leap, and a big one: in a few minutes, we’ll announce that we’ve agreed to acquire Careem. Importantly, we intend to operate Careem independently, under the leadership of co-founder and current CEO Mudassir Sheikha. I’ve gotten to know both co-founders, Mudassir and Magnus Olsson, and what they have built is truly extraordinary. They are first-class entrepreneurs who share our platform vision and, like us, have launched a wide range of products—from digital payments to food delivery—to serve consumers.
I expect many of you will ask how we arrived at this structure, meaning allowing Careem to maintain an independent brand and operate separately. After careful consideration, we decided that this framework has the advantage of letting us build new products and try new ideas across not one, but two, strong brands, with strong operators within each. Over time, by integrating parts of our networks, we can operate more efficiently, achieve even lower wait times, expand new products like high-capacity vehicles and payments, and quicken the already remarkable pace of innovation in the region.
This acquisition is subject to regulatory approval in various countries, which we don’t expect before Q1 2020. Until then, nothing changes. And since both companies will continue to largely operate separately after the acquisition, very little will change in either teams’ day-to-day operations post-close. Today’s news is a testament to the incredible business our team has worked so hard to build.
It’s a great day for the Middle East, for the region’s thriving tech sector, for Careem, and for Uber.
Uber on,
Dara
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Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
The five pillars of Islam
1.
2.
3.
4.
5.
RESULTS
Catchweight 82kg
Piotr Kuberski (POL) beat Ahmed Saeb (IRQ) by decision.
Women’s bantamweight
Corinne Laframboise (CAN) beat Cornelia Holm (SWE) by unanimous decision.
Welterweight
Omar Hussein (PAL) beat Vitalii Stoian (UKR) by unanimous decision.
Welterweight
Josh Togo (LEB) beat Ali Dyusenov (UZB) by unanimous decision.
Flyweight
Isaac Pimentel (BRA) beat Delfin Nawen (PHI) TKO round-3.
Catchweight 80kg
Seb Eubank (GBR) beat Emad Hanbali (SYR) KO round 1.
Lightweight
Mohammad Yahya (UAE) beat Ramadan Noaman (EGY) TKO round 2.
Lightweight
Alan Omer (GER) beat Reydon Romero (PHI) submission 1.
Welterweight
Juho Valamaa (FIN) beat Ahmed Labban (LEB) by unanimous decision.
Featherweight
Elias Boudegzdame (ALG) beat Austin Arnett (USA) by unanimous decision.
Super heavyweight
Maciej Sosnowski (POL) beat Ibrahim El Sawi (EGY) by submission round 1.
The national orchestra
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Hotel Data Cloud profile
Date started: June 2016
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How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
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Bio
Born in Dubai in 1994
Her father is a retired Emirati police officer and her mother is originally from Kuwait
She Graduated from the American University of Sharjah in 2015 and is currently working on her Masters in Communication from the University of Sharjah.
Her favourite film is Pacific Rim, directed by Guillermo del Toro
Saudi National Day
Jetour T1 specs
Engine: 2-litre turbocharged
Power: 254hp
Torque: 390Nm
Price: From Dh126,000
Available: Now
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Starring: Parinaz Izadyar, Payman Maadi
Rating: 4/5
The drill
Recharge as needed, says Mat Dryden: “We try to make it a rule that every two to three months, even if it’s for four days, we get away, get some time together, recharge, refresh.” The couple take an hour a day to check into their businesses and that’s it.
Stick to the schedule, says Mike Addo: “We have an entire wall known as ‘The Lab,’ covered with colour-coded Post-it notes dedicated to our joint weekly planner, content board, marketing strategy, trends, ideas and upcoming meetings.”
Be a team, suggests Addo: “When training together, you have to trust in each other’s abilities. Otherwise working out together very quickly becomes one person training the other.”
Pull your weight, says Thuymi Do: “To do what we do, there definitely can be no lazy member of the team.”
Key figures in the life of the fort
Sheikh Dhiyab bin Isa (ruled 1761-1793) Built Qasr Al Hosn as a watchtower to guard over the only freshwater well on Abu Dhabi island.
Sheikh Shakhbut bin Dhiyab (ruled 1793-1816) Expanded the tower into a small fort and transferred his ruling place of residence from Liwa Oasis to the fort on the island.
Sheikh Tahnoon bin Shakhbut (ruled 1818-1833) Expanded Qasr Al Hosn further as Abu Dhabi grew from a small village of palm huts to a town of more than 5,000 inhabitants.
Sheikh Khalifa bin Shakhbut (ruled 1833-1845) Repaired and fortified the fort.
Sheikh Saeed bin Tahnoon (ruled 1845-1855) Turned Qasr Al Hosn into a strong two-storied structure.
Sheikh Zayed bin Khalifa (ruled 1855-1909) Expanded Qasr Al Hosn further to reflect the emirate's increasing prominence.
Sheikh Shakhbut bin Sultan (ruled 1928-1966) Renovated and enlarged Qasr Al Hosn, adding a decorative arch and two new villas.
Sheikh Zayed bin Sultan (ruled 1966-2004) Moved the royal residence to Al Manhal palace and kept his diwan at Qasr Al Hosn.
Sources: Jayanti Maitra, www.adach.ae
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Day 2 at the Gabba
Australia 312-1
Warner 151 not out, Burns 97, Labuschagne 55 not out
Pakistan 240
Shafiq 76, Starc 4-52
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
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Mission to Seafarers is one of the largest port-based welfare operators in the world.
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Friday, May 24:
- Pakistan v Afghanistan (Bristol)
- Sri Lanka v South Africa (Cardiff)
Saturday, May 25
- England v Australia (Southampton)
- India v New Zealand (The Oval, London)
Sunday, May 26
- South Africa v West Indies (Bristol)
- Pakistan v Bangladesh (Cardiff)
Monday, May 27
- Australia v Sri Lanka (Southampton)
- England v Afghanistan (The Oval, London)
Tuesday, May 28
- West Indies v New Zealand (Bristol)
- Bangladesh v India (Cardiff)
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