In 2024, Saudi Aramco retired its highest number of carbon credits (mostly nature-based solutions-derived) to date, offsetting over 600,000 tonnes of carbon dioxide equivalent (tCO₂e) through a combination of crude oil cargo initiatives and broader corporate emissions management. The announcement came via the company’s latest ESG report.
Close-up from below of vibrant mangroves, featuring a cargo plane flying in the background. AI generated picture.
A total of 605,662 tCO₂e were retired, with more than 15% attributed to five ‘carbon neutral’ crude oil cargoes sold under a scheme launched the previous year. Each shipment delivered 2 million barrels of Arabian Light crude and was certified under PAS 2060, a carbon neutrality standard set by the British Standards Institution.
‘After demonstrating progress in asset-level emission reduction initiatives, Aramco retired 92,559 tCO₂e carbon credits, with 75% being from removal-based projects, to offset the residual emissions from these shipments’, the company stated.
The carbon intensity for the crude averaged 7.48 kgCO₂ per barrel of oil equivalent (boe), with production and loading emissions measured at 2.95 kgCO₂e/boe at Ras Tanura and 2.56 kgCO₂e/boe at the Juaymah terminal. The credits used for these offsets came from certified projects across China, India, Panama, the United States, and Vietnam—ranging from grassland restoration and geothermal heating to negative-emissions concrete and wastewater treatment.
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Notably, the offsets covered only emissions from production and transport, excluding those from end-use combustion. When burned, the 10 million barrels would generate approximately 4.25 million tCO₂e—highlighting the limited scope of current offsetting strategies.
Aramco also retired an additional 513,103 tCO₂e in credits to compensate for its Scope 1 and 2 corporate emissions, up 3% from the previous year. The rise in emissions was largely driven by increased natural gas output, although electricity-related Scope 2 emissions declined slightly due to the lower carbon intensity of imported power.
‘These credits included a mix of nature-based projects, like mangrove and forest restoration, and technology-based initiatives, such as landfill gas capture and reducing gas leakages’, the company said.
Aramco, which has committed to reaching net zero for Scopes 1 and 2 by 2050, does not currently disclose its Scope 3 emissions—the largest contributor for oil companies. In tandem with these retirements, Aramco expanded its carbon credit portfolio, acquiring 1.1 million tCO₂e in 2024 after securing 1 million the previous year.
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As high-profile actors like Aramco turn to carbon offsets to meet ambitious net-zero goals, the spotlight intensifies on the integrity behind every credit. With mounting demand for verifiable impact and lifecycle accountability, the voluntary carbon market is evolving rapidly. At DGB Group, we’re leading this transition—developing scientifically backed, nature-based solutions that deliver measurable results, from forest restoration to clean energy interventions like efficient cookstoves. Our certified carbon units empower businesses to act with credibility and contribute to a truly sustainable future.
