Economy

Unlocking Saudi Arabia’s Potential in Carbon Capture Tech: IEF Reveals Surprising Findings!

Saudi Arabia Poised to Lead in Carbon Capture Technology, Says New Study

A recent study has highlighted Saudi Arabia’s potential to emerge as a leader in carbon capture, utilization, and storage (CCUS) technology, citing the country’s proven track record in this sector.

The International Energy Forum (IEF) emphasized the importance of collaboration among Saudi Arabia and the wider Middle East and North Africa region to deploy CCUS solutions for a smooth energy transition.

According to the IEF, there is a growing interest in further developing CCUS with supportive measures across the region, presenting an opportunity for MENA to set standards and lead globally in CCUS deployment.

Saudi Arabia’s Initiatives in Advancing CCUS Technology

The IEF also recognized several measures taken by Saudi Arabia to advance CCUS technology, including the launch of the Voluntary Carbon Market (VCM) as a tool to incentivize emission reduction activities.

The establishment of VCM, a joint initiative by Saudi Arabia’s Public Investment Fund and the stock exchange, aligns with the country’s net-zero targets and aims to drive investment and innovation in clean technologies, including CCUS.

Additionally, Saudi Arabia is set to open the world’s largest carbon capture hub in Jubail by 2027, a joint initiative of Saudi Aramco and the Ministry of Energy with a storage capacity of up to 9 million tonnes of carbon dioxide per year.

Recommendations to Strengthen CCUS in MENA

The IEF’s report outlined recommendations to bolster the growth of CCUS in the MENA region, emphasizing the need for a regulatory framework to reduce greenhouse gas emissions and advance climate ambitions.

Governments are urged to design financial incentives and establish a stable policy landscape to attract investments in CCUS projects, fostering private sector engagement and innovation in emission reduction efforts.

Capacity-building programs, international cooperation, and public awareness campaigns are also highlighted as essential components to support the successful deployment of CCUS technologies in the region and address climate change challenges effectively.