The King Abdullah Petroleum Studies and Research Center (KAPSARC) co-hosted the second International Energy Forum (IEF) High-Level Roundtable on Carbon Management Technologies. Held in collaboration with the IEF and the Clean Energy Ministerial, it aimed to build momentum behind carbon capture utilization and storage (CCUS) projects in order to reach net-zero carbon emissions.
“We cannot achieve net-zero without carbon capture, and we need to scale up carbon capture and storage [CCS] over the coming years to deliver it,” said KAPSARC President Fahad Alajlan.
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.
“We need to make 2023 the year of CCUS, and enhance collaboration to improve the investment in and usage of this technology,” said Joseph McMonigle, Secretary General of the IEF during his welcome speech.
Fatih Yilmaz, a KAPSARC expert in the Climate and Sustainability Program, 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 gigatonnes by 2050.
Yilmaz stressed that the average annual investment in CCUS had been around US$2 billion to US$3 billion until last year. In 2022, it hit US$ 6.4 billion, with many more potential investment opportunities for clean hydrogen.
During the roundtable sessions, representatives from industry, government and academia addressed a wide range of views on how large scale CCUS investments can be de-risked through clear and cohesive polices. Delegates also spoke about how carbon market initiatives and environmental, social and government standards advance the circular carbon economy, and identified the CCUS synergies between hydrogen and material transitions.
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 achieve one mission — accelerate clean energy transitions.
This article appeared on Saudi Gazette