RIYADH: Saudi Arabia is moving fast towards realizing its net-zero ambition by 2060, with Saudi Arabian Oil Company, one of the world's largest oil producers, set to set up a carbon capture and storage hub for the Kingdom. making plans. Partnered with Ministry of Energy.

The announcement was made on Thursday during the Saudi Green Initiative held in conjunction with the COP27 United Nations Climate Change Summit in Sharm el-Sheikh, Egypt.

Saudi Arabia's Energy Minister Prince Abdulaziz bin Salman said after the announcement of the new project that the country could reach its net-zero target before the 2060 deadline.

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The Kingdom is moving in a new direction. I am very pleased to announce that the Kingdom will be able to achieve its goal of being net-zero by 2060 thanks to the establishment of a Carbon Capture and Storage Hub in collaboration with Aramco. The minister advised that it would be less surprising if we hit net zero even before that deadline.

We deliver on our commitments, he continued. We must demonstrate that we are honorably keeping our promises. Saudi Aramco CEO Amin Nasser said the new CCS hub will be located in Jubail, on the country's east coast. According to Nassar, by 2027, the hub will have the capacity to store 9 million tons of carbon dioxide annually.

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At Aramco we expect to provide about 6 million tonnes, with the remaining 3 million tonnes coming from other industrial sources. "We will begin other phases of our carbon-capture sequestration process as overall capacity increases," Nasser said.

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“We are a founding member of the Oil and Gas Climate Initiative, which promotes teamwork at the industry level,” Nassar continued. Aramco announced the establishment of a $1.5 billion sustainability fund to address climate challenges at the corporate level.

He also mentioned that the energy sector is passing through a difficult phase. “The energy industry is going through a difficult time. As we tackle the triple challenges in the sector – security, equity and environmental sustainability – we could all use a little inspiration, Nasser said.