Saudi Aramco has invested in voluntary carbon credits
Riyadh hedges bets on decarbonisation
The Kingdom is investing in projects to lower the lifecycle emissions of its oil and gas and become a major force in green hydrogen production
Flush with cash after months of near-record oil prices, Saudi Arabia is doubling down on its efforts to both lower the lifecycle emissions of its oil and gas and diversify into low-carbon energy. In late October, state oil company Saudi Aramco launched a venture-capital sustainability fund to invest in emissions-reduction and mitigation technologies, shortly after participating in the Middle East’s first voluntary carbon credits auction, organised by the Kingdom’s Public Investment Fund (PIF) sovereign wealth vehicle. Days earlier, state-affiliated Acwa Power provisionally agreed to plough $10bn into the development of South Africa’s nascent green hydrogen sector. The Saudi government under
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