VIDEO: Ashraf Al-Ghazzawi outlines our advanced decarbonization strategies at ADIPEC 2023

Ashraf Al-Ghazzawi, executive vice president of Strategy and Corporate Development at Aramco

In our view, the transition is anything but straightforward. 

First, you have to appreciate the scale and magnitude of the global energy system. 

This system energizes a $100 trillion global economy. 

Any plan on the energy transition will have to acknowledge the complexity and the magnitude.

We are an investor in renewable energy; we've partnered with PIF and ACWA Power for the development of 40 gigawatts by the year 2030. 

We are also investing in carbon capture and sequestration with two global partners, Schlumberger and Linde, to develop a 9 MMtpa CCS project, one of the largest, if not the largest, in the world.

We are also investing in nature-based solutions; the company is intending to plant 650 million mangroves by the year 2035.

We're following closely the development of hydrogen; we have plans to produce two million tonnes of hydrogen by 2030.

The energy transition is often characterized as a sprint; I would argue that that is more of a relay race. We win as a team.

Aramco will continue to do its part. We will continue to provide the energy needs for the world today, but we will also be spending a significant amount of money on developing technologies and innovative solutions to create the energy that is needed for the world tomorrow.

The energy transition is often characterized as a sprint; I would argue that it is more of a relay race. We all have to work together and pass on the baton to one another so that we can run faster, cover longer distance, and we win as a team.