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Saturday, Apr 20, 2024

Saudi Arabia takes bold strides toward greener future and carbon neutrality

Saudi Arabia takes bold strides toward greener future and carbon neutrality

Saudi Arabia is making significant advances towards a more sustainable future by aiming for carbon neutrality, focusing heavily on carbon credit offsets to combat greenhouse gas emissions.
The country's commitment to environmentally friendly practices includes a robust carbon credit program.

Louis Corapi, CFO of Gulf Cryo, emphasized the role of carbon credits in Saudi Arabia's sustainability plans, especially after the establishment of a carbon capture and utilization facility in Rabigh.

Vision 2030 and the 2060 carbon neutrality goal reflect Saudi Arabia's dedication to sustainability, requiring corporate collaboration and the need for independent verification of carbon credits.

Corapi underscored that assigning monetary value to carbon credits is pioneering, providing a financial incentive for companies to support eco-friendly ventures that might otherwise struggle for approval.

Despite challenges in reducing emissions from key industries, Saudi Arabia is addressing its own emissions and supporting industries that use carbon dioxide in their operations.

Gulf Cryo has opened new CO2 capture plants, aiming to capture over 1,000 metric tonnes of CO2 daily, which helps to reduce fossil fuel use. Carbon capture not only improves natural gas quality but also helps meet energy demands while lowering emissions, contributing to a net-zero emissions target by 2050.

Saudi Arabia has set an ambitious 2035 goal for capturing 44 million tonnes of CO2 annually. Aramco and the Ministry of Energy plan to establish a hub in Jubail by 2027, capable of storing 9 million tonnes per year.

Corapi noted the viability of CO2-centric projects hinges on clear demand and that classical financial decision-making models hinder progress in emission reduction.

He advocated for government intervention through incentives to steer investment towards sustainable options. Coordination on regional credit certification standards and verifying local project effectiveness is needed.

Saudi Arabia is actively embracing a leading role in sustainability, displaying commitment through policies, forums, and collaboration with international entities and individuals.

Gulf Cryo's recent facility in collaboration with Petro Rabigh represents a step forward, aiming to significantly reduce carbon emissions annually by capturing CO2 at a monoethylene glycol facility in Rabigh and processing it for reuse in various industries.
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