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.
Saudi meet stresses carbon capture vital for net-zero goals
- The King Abdullah Petroleum Studies and Research Center held a high-level roundtable on Carbon Management Technologies.
- In 2022, investment in the carbon capture utilization and storage hit $6.4 billion.
Today's Headlines
By signing up you agree to our Terms of Use and Privacy Policy
The Fourth of July is a sacred day in our country. A day of history, of hope, remembrance and resolve with promise and possibilities. Before me stands monuments of the…
The Gulf country is setting a new benchmark for supporting working mothers by doubling the mandated maternity leave to 120 days, Kathryn Martin VFS Global tell TRENDS.
The government would provide thirty-five percent of the investments The rest of it, sixty-five percent, will come from the private sector Saudi Arabia expects to generate $150 billion from investments…
PwC forecasts that AI could contribute US$320 billion to Middle Eastern economies by 2030, with healthcare predicted to see some of the largest gains relative to its current size
The region, fueled by ambition and massive investment, is rapidly advancing in technology and infrastructure, aiming to secure a leading role in the 4IR.