The CEO of Saudi Basic Industries Corp. said they plan to rely more on renewables in power generation for its operations as it seeks to meet a 2050 net zero carbon emissions pledge. Saudi Basic Industries Corp. is the Middle East’s biggest petrochemical maker and is 70% owned by Saudi Aramco. In late November SABIC signed a memorandum of understanding with the Saudi energy ministry in the field of developing renewable energy projects, providing a platform for SABIC to reach its net zero goal. Saudi Arabia plans to generate half of its power from renewables and the other half from natural gas by 2030. The kingdom also wants to reach net zero carbon emissions by 2060 while boosting its oil production.
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