Saudi Aramco said it was joining a World Bank initiative to cut gas flaring to zero by 2030 and added that its flaring was less than 1 percent of its total raw gas output in the first half of 2019.
On Sunday, the world’s largest oil exporter, announced its intention to list its shares on the Saudi Stock Exchange (Tadawul) setting the stage for what could be the biggest IPO ever.
More than 80 organization and governments have joined the “Zero Routine Flaring by 2030” initiative, which is aimed at lowering wasteful burning of natural gas at oil and gas fields. Saudi Arabia became a part of the initiative in December 2018.
Saudi Aramco has invested in technologies such as hydrogen fuels and carbon capture to lower emissions.
“This is all part of our broader effort to enable the circular carbon economy and deliver clean, reliable and affordable energy to the world while minimizing greenhouse gas emissions,” the company’s senior vice president of technical services Ahmad Al-Saadi said in a statement.
Saudi Aramco’s announcement comes as energy firms around the globe come under pressure from governments and investors to overhaul their operations and reduce their carbon dioxide emissions.