Saudi Arabia to launch circular carbon economy program
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King Salman bin Abdulaziz said that Saudi Arabia will launch the national program of circular carbon economy (CCE) that will consolidate and accelerate the current momentum toward sustainability in a holistic manner.
King Salman called on other countries to work with the Kingdom on achieving the goals of this program, mainly climate change while continuing to create growth in the economy and increase the well being of humanity.
Saudi Arabia has many plans related to carbon capture and conversion into raw materials.
This includes the world’s largest CO2 purification plant built by the Saudi Basic Industries Corporation (SABIC) with a capacity of 500,000 tons per year and Saudi Aramco’s enhanced oil recovery plan with 800,000 tons per year of CO2 emissions.
Saudi Arabia is also working on the development of the largest green hydrogen plant in NEOM, King Salman highlighted.
Saudi Arabia has big plans for renewable energy sources, including wind and solar energy, which will represent 50% of the energy used in electricity production by 2030.
The Saudi G20 Presidency has encouraged the circular carbon economy framework, through which carbon emissions can be managed in a comprehensive and integrated manner to mitigate the impacts of climate challenges, make energy systems cleaner and more sustainable, and enhance the security and stability of energy markets.
“As we recover from the repercussions of the pandemic, we must create the conditions conducive of robust, inclusive, balanced, and sustainable economies by means of enabling people, safeguarding the planet, and shaping new frontiers to seize the opportunities of the 21st century for all,” King Salman noted.
“Safeguarding the planet is of critical importance, With the increase in emissions due to economic growth, we must pioneer sustainable, pragmatic, and cost-effective approaches for achieving ambitious climate goals,” he added.
“Recognizing the important role nature-based carbon sequestration, the Kingdom has been advocating the ambitious goal of conserving, restoring and sustainably managing 1 billion hectares of degraded land by 2040,” King Salman concluded.