Arab News, Monday, Feb 20, 2023 | Rajab 29, 1444
Global investment in carbon capture and storage projects hit $6.4 bn in 2022: KAPSARC official
Saudi Arabia:
The volume of global investment in carbon
capture and storage projects has hit $6.4 billion in 2022, said Fatih Yilmaz, an
expert in the Climate and Sustainability Program at the King Abdullah Petroleum
Studies and Research Center.
Speaking during a panel discussion on carbon
management techniques with the International Energy Forum and the Clean Energy
Forum in Riyadh, Yilmaz highlighted that the average investment in CCUS projects
ranged from $2 billion to $3 billion annually until 2022.
This indicates that last year witnessed a jump in
the rate of investments in the sector, which further implies the need to invest
in clean hydrogen.
Citing a recent study by the International Energy
Agency which listed CCUS as one of the seven pillars of achieving net-zero by
2050, he added that there is an underlying need to reach a capacity to capture
and store 8 million tons of carbon dioxide by 2050.
The world striving to achieve net-zero carbon
emissions goals needs a new approach to attract investments to scale up carbon
capture and storage capacity, said experts who participated in the
roundtable.
“We cannot achieve net-zero without carbon
capture, and we need to scale up carbon capture and storage over the coming
years to deliver it,” said KAPSARC President Fahad Alajlan.
He added that the world needs a new approach to
attract financiers to support CCUS initiatives.
Stressing on the importance of the roundtable,
the KAPSARC president said such events will allow experts to share their
knowledge and identify ways to promote carbon management technologies.
Speaking at the event, IEF Secretary General
Joseph McMonigle, added: “We need to make 2023 the year of CCUS, and enhance
collaboration to improve the investment in and usage of this technology.”
The panel, which comprised representatives from
industry, government and academia also discussed ways to enhance investment
momentum in CCUS projects to reach zero neutrality. It also addressed how
large-scale investments can be de-risked through clear and cohesive policies.
Delegates also spoke about how carbon market
initiatives and environmental, social and governance standards advance the
circular carbon economy. In addition, they identified the CCUS synergies between
hydrogen and material transitions.
A research consulting center, KAPSARC has so
far published more than 700 research papers on topics ranging from climate
change policy and governance to energy and economic diversification.