Week 24 in Review: Sustainability Report, Prosperity7 office opened, and protecting our outcrops

In its second Sustainability Report, Aramco provided an overview of how the company has integrated sustainability in its corporate strategy and operations, as well as sustainability issues that impact our stakeholders and a summary of key initiatives and our sustainability performance in 2022.

That story leads the pack in the week that was. Here’s a quick digest of some of the top headlines of Week 24.

Sustainability Report 2022 released

On June 15, Aramco released its second Sustainability Report, providing an overview of how the company has integrated sustainability within its corporate strategy and operations; the material sustainability issues that impact the business and stakeholders; and a summary of key initiatives and sustainability performance during 2022.

The report sets out the four focus areas that hold the greatest potential for our business to make long-term, positive impacts. Each of these focus areas support Aramco’s strategic themes, and align with both Saudi Arabia’s Vision 2030 and the U.N. Sustainable Development Goals.

• Climate change and the energy transition.

• Safe operations and people development.

• Minimizing environmental impact.

• Growing societal value.

When we talk about sustainability at Aramco, we understand that it is about balancing the economic benefits to our owners, the social value and utility that our activities and products generate for customers and consumers, and minimizing any negative environmental and social impacts, to build something that will last: a company that will still be standing strong, generations from now.
— HE Yasir O. Al-Rumayyan, Chairman of the Aramco Board of Directors

Aramco’s president and CEO Amin Nasser noted in his introduction to the report that, over 2022, Aramco has strengthened its unique and central role in providing the world the reliable energy it requires for an orderly energy transition. 

“Over the last year, there has been increasing acceptance of the fact that there needs to be a better balance between maintaining energy security, energy affordability, and environmental sustainability,” said Nasser. 

Aramco launches Prosperity 7 Ventures office in California

Aramco and Silicon Valley can partner to develop a new generation of technologies that help solve global energy and emissions challenges, president and CEO Amin Nasser told leading venture capitalists at the launch of Prosperity7 Ventures’ new office in Palo Alto, California.

Prosperity7 Ventures is a global fund exploring for disruptive technologies across industries, that will bring prosperity to the world. The $1 billion fund was established in 2019 with China and the United States as the main geographic focus areas. With offices and teams in Beijing, Shanghai, New York, and now Palo Alto, Prosperity7 is on a mission to investing in the most disruptive technologies and business models. 

Linking Aramco’s past to showcase the transformative potential of collaboration, he noted that it was a partnership between Saudis and geologists from California that gave birth to the company 90 years ago, leading to oil discoveries that reshaped global energy markets and spurred unprecedented economic growth. 

“I believe that much of our growth and success over 90 years is down to never losing that pioneering, can-do, startup spirit, with Americans and Saudis coming together as one team,” said Nasser. 

VIDEO: Protecting our geology, ecology, and history 

What are geological outcrops?

Outcrops are rock formations that appear above ground representing the accumulation of sediments and fossils over millions of years.

In the distant past, Saudis used jebels as markers to navigate the Kingdom, and protective warriors used them as watchtowers to keep a sharp eye out for prowling enemies. 

More recently, pioneering geologists used jebels to piece together the geological puzzle that led to the discovery of oil and gas in the Kingdom when Dammam Well No. 7 was drilled and struck oil in commercial quantities in 1938. Changing the course of history, the discovery put the company, which would later become Aramco, on the path to becoming a world leader in the global energy industry.

Aramco earns 11 Green World Awards

Aramco recently received 11 prizes at the Green World Awards 2023.

The ceremony, which was held recently in Miami, was organized by The Green Organization, an independent, international, nonprofit, nonpolitical environment group. 

Global Gold Awards

Pollution Control (P&CSD)

Regeneration (Saudi Aramco)

Sustainability (Manifa Producing Department)

Carbon Reduction in the Oil Industry (Saudi Aramco)

Global Silver Awards

Environmental Policy and Management (Northern Area Gas Producing Department) 

Innovation (P&CSD)

Sustainability in the Oil Industry (P&CSD)

Carbon Reduction (P&CSD)

Pollution Control (P&CSD)

Carbon Reduction in the Oil Industry (Saudi Aramco)

Carbon Reduction in the Oil Industry (Saudi Aramco)

Ithra receives prestigious LEED gold certification

The King Abdulaziz Center for World Culture (Ithra) has been awarded the prestigious Leadership in Energy and Environmental Design (LEED) gold certification by the U.S. Green Building Council (USGBC) for achieving high levels of energy efficiency over the past three years.

Ithra received the award — in the “Existing Buildings: Operations & Maintenance (EBOM)” category —during a ceremony at the center on June 6 after three years of outstanding performance on metrics, including water efficiency, energy, and atmosphere, indoor environmental quality, and innovation in operations.