Chairman’s message
We know that global net-zero ambitions cannot beachieved solely by reducing the emissions associatedwith conventional energies. The success of thetransition to a lower emissions future will also hingeon the availability of multiple lower carbon options,some of which may be more suitable in certain
contexts than others. That is why we are pursuingthe development and deployment of technologies
and tools that can contribute to global emission
reduction efforts, including carbon capture andstorage, “drop-in” lower-carbon fuels, blue hydrogen,renewables, and offsets.

Investingin growth

In 2023, we celebrated the 90th anniversary ofthe Kingdom signing the Concession agreement.
The milestone was an opportunity to reflect on ourCompany’s remarkable longevity and the source of
our enduring success. As we look back with pride
over the past nine decades, one common thread
emerged: an unwavering commitment to the longterm prosperity of our communities, our customers,
and our stakeholders.
Throughout our history, that commitment hasalways required us to carefully balance short-termand long-term needs. It is a responsibility that hastaken on even greater urgency with the risks posedby climate change. How to facilitate the transition
toward a more climate-conscious tomorrow
without disrupting the manufacturing, trade, andtransportation that are so essential to billions of lives
today is one of the defining challenges of our time.
Supporting the energy transition
Aramco is intent on being part of the global solution.
With the world’s energy demand continuing to grow,we are striving to ensure reducing GHG emissions
in our conventional energy – which remains criticalto meeting demand. We are pursuing a variety ofpathways to achieve that objective, including byimproving the energy efficiency of our operations,minimizing flaring and further reducing our GHGemissions. These efforts have helped us to attain an
upstream carbon intensity that is ranked among thelowest in the industry.

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ARAMCO | SUSTAINABILITY REPORT 2023

We have also more than doubled the funding forour global venture capital arm, with half of theadditional $4 billion being injected into Aramco
Ventures earmarked for investment in late-stage,larger-ticket ventures in the sustainability anddigital domains.
Focusing on sustainability
In this report, we elaborate on our sustainabilityrelated ambitions, targets and metrics as well as
our progress to date. It is worth also noting that for
Aramco, sustainability means going above andbeyond just being a reliable supplier of energy tocustomers around the world. It also means being a
responsible corporate citizen environmentally, sociallyand economically. This is underpinned by our focus
on addressing climate change as part of the global
energy transition, maintaining safe operations
while ensuring people development, minimizing
environmental impacts, and also continuing to growsocietal value.
Throughout 2023, I am proud to say that Aramco
maintained positive momentum in each of theseareas due to the dedication of our talented team ofemployees. Our accomplishments would also nothave been possible without the continued supportand vision of The Custodian of the Two Holy MosquesKing Salman bin Abdulaziz Al-Saud, and His RoyalHighness Prince Mohammed bin Salman bin
Abdulaziz Al-Saud, Crown Prince and Prime Ministerof the Kingdom of Saudi Arabia.
Clearly, the global transition to a lower carbon future
is a complex journey rather than a singular event.
What is also clear is that Aramco has a key role toplay in this energy transition.

H.E. Yasir O. Al-Rumayyan
Chairman of the Board of Directors