September 2024
Case
HBS Case Collection

Aramco: Navigating the Energy Transition

By: Tarun Khanna and Gizem Cihan Dincsoy

Format:Print
| Language:English
| Pages:36

Abstract

In March 2024, Amin Nasser, president, and CEO of the Saudi Arabian Oil Company (Aramco), had just delivered a speech about the future of energy at a global energy conference. The world was behind schedule in meeting long-term climate change goals. The global shift from fossil fuels to new energy technologies was fraught with challenges, yet filled with opportunity. Developed countries were pushing for a direct transition to new technologies by phasing out oil and gas, while developing nations focused on meeting growing energy demands and highlighting affordability in the transition. Amid these uncertainties, Aramco was working towards to achieve its sustainability goals and reducing its own direct and indirect carbon emissions. Aramco, the backbone of Saudi Arabia’s economy and its talent powerhouse, had to contend not only with playing a leadership role in the global energy transition, but being cognizant of the need to support Saudi Arabia’s ambitious societal reform project, Vision 2030, which sought to achieve economic diversification away from purely being oil-centric.