Saudi meet stresses carbon capture vital for net-zero goals

Riyadh, Saudi Arabia – Net-zero goal cannot be achieved without carbon capture and there is a need to scale up carbon capture and storage over the coming years to reach zero emission targets, Fahad Alajilan, President of the King Abdullah Petroleum Studies and Research Center (KAPSARC), has said.
KAPSARC co-hosted on Thursday the second International Energy Forum (IEF) high-level roundtable on Carbon Management Technologies.
Held in collaboration with the IEF and the Clean Energy Ministerial, the roundtable is aimed to build momentum behind carbon capture utilization and storage (CCUS) projects in order to reach net-zero carbon emissions, SPA reported.
Alajlan added that the world needs a new approach to attract financiers to support CCS initiatives, and that these kinds of workshops will allow experts to share their knowledge and identify ways to promote carbon management technologies.
Joseph McMonigle, Secretary General IEF, said, “We need to make 2023 the year of CCUS, and enhance collaboration to improve the investment in and usage of this technology.”
Fatih Yilmaz, a KAPSARC expert in the Climate and Sustainability Program, said that a recent study by the International Energy Agency listed CCUS as one of the seven pillars of achieving net-zero by 2050. He added that the world needs to reach carbon dioxide capture capacity of roughly 8 giga tons by 2050.
Yilmaz stressed that the average annual investment in CCUS had been around $2 billion to $3 billion until last year. In 2022, it hit $6.4 billion, with many more potential investment opportunities for clean hydrogen.
KAPSARC is an advisory think tank that seeks to advance Saudi Arabia’s energy sector and inform global policies through evidence-based advice and applied research. It has published over 700 papers on topics from climate change policy and governance to energy and economic vulnerability.
The International Energy Forum (IEF) is the world’s largest international organization of energy ministers, with representatives from 71 countries, including both producing and consuming nations. It is the global home of energy dialogue.
The Clean Energy Ministerial (CEM) brings together a community of the world’s largest and leading countries, companies, and international experts to accelerate clean energy transitions.