Oil Giant Aramco is taking efforts to promote initiatives in hydrogen technology and investments to reduce carbon emissions, after a harrowing investor smackdown for Big Oil. Aramco Chief Technology Officer Ahmad Al Khowaiter said that hydrogen is real. Today they are showing that the technologies for the use of hydrogen are mature and commercially available and we see this kind of as an inflection point in the hydrogen market.
Oil Giant Aramco didn’t detail any new hydrogen investment plans at the event. Instead, executives outlined their vision for a lower carbon future where hydrogen can be deployed at scale before the end of the decade. Experts in the energy field see hydrogen as a major potential gamechanger. The U.S. Department of Energy said that hydrogen can deliver or store a tremendous amount of energy and can be used in fuel cells to generate electricity, or power and heat.
Described by the International Energy Agency as a versatile energy carrier, hydrogen is deployed for a wide range of uses and in sectors like industry and transport. The majority of hydrogen generation is based on fossil fuels, and cleaner hydrogen produced from renewables is more expensive to produce.
Activist investors successfully campaigned to join the board of Exxon, rebellious shareholders at Chevron pushed through plans to cut emissions, and a Dutch court ordered Royal Dutch Shell to cut its pollution by nearly half by the end of 2030. The oil produced by the Oil Giant Aramco in Saudi Arabia has one of the lowest carbon intensity ratings among major international producers, according to S&P Global Platts and that’s thanks largely to its ease of access to reserves and low gas flaring during production.