Saudi Press

Saudi Arabia and the world
Thursday, Mar 23, 2023

Global investment in carbon capture and storage projects hit $6.4 bn in 2022: KAPSARC official 

Global investment in carbon capture and storage projects hit $6.4 bn in 2022: KAPSARC official 

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.

Related Articles

Saudi Press
Credit Suisse's Scandalous History Resulted in an Obvious Collapse - It's time for regulators who fail to do their job to be held accountable and serve as an example by being behind bars.
Goldman Sachs cuts outlook for European bank debt over Credit Suisse crisis
Paris Rioting vs Macron anti democratic law
Credit Suisse to borrow $54 billion from Swiss central bank
Russian Hackers Preparing New Cyber Assault Against Ukraine
"Will Fly Wherever International Law Allows": US Warns Russia After Drone Incident
If this was in Tehran, Moscow or Hong Kong
Announcing GPT-4
TRUMP: "Standing before you today, I am the only candidate who can make this promise: I will prevent World War III."
China is calling out the US, UK, and Australia on their submarine pact, claiming they are going further down a dangerous road
A brief banking situation report
We are witnessing widespread bank fails and the president just gave a 5 min speech then walked off camera.
Donald Trump's asked by Tucker Carlson question on if the U.S. should support regime change in Russia?.
Good news: The U.S. government is now guaranteeing all deposits, held by, Silicon Valley Bank, and the funds are available as of today
Silicon Valley Bank exec was Lehman Brothers CFO
Saudi Arabia has announced a major breakthrough in diplomacy with Iran after two years of intense talks
A Mississippian man, who was once considered a “ticking time bomb,” has lost a whopping 165 kilograms! What motivated this incredible transformation?
Elon Musk Is Planning To Build A Town In Texas For His Employees
The Silicon Valley Bank’s collapse effect is spreading around the world, affecting startup companies across the globe
Market Chaos as USDC Loses Peg to USD after $3.3 Billion Reserves Held by Silicon Valley Bank Closed.
Barcelona is feeling the heat as they face corruption charges over payments to former vice-president of Spain's referees' committee, Jose Maria Enriquez Negreira
Banking regulators close SVB, the largest bank failure since the financial crisis
Watch: “They are wounded but unbowed, unbreakable.”
Silicon Valley Bank: Struggles Threaten Tech Startup Ecosystem"
The unelected UK Prime Minister Rishi Sunak, an immigrant himself, defends new controversial crackdown on illegal migration
Old clip of Bill Gates saying Ukraine is a big, fat, corrupt sinkhole is going viral
Saudi Arabia To Introduce Yoga In Universities
Middle East real estate market to see strong growth in 2023, predicts CBRE.
In a major snub to Downing Street's Silicon Valley dreams, UK chip giant Arm has dealt a serious blow to the government's economic strategy by opting for a US listing
Saudi Aramco, the energy giant, has acquired Valvoline Inc., a US-based oil company, for $2.65 billion
How do stolen goods end up on Amazon, eBay and Facebook Marketplace?
It's the question on everyone's lips: could a four-day workweek be the future of employment?
Is Gold the Ultimate Safe Haven Asset in Times of Uncertainty?
Spain officials quit over trains that were too wide for tunnels...
Hello. Here is our news digest from London.
Corruption and Influence Buying Uncovered in International Mainstream Media: Investigation Reveals Growing Disinformation Mercenaries
When it comes to Tesla vs Lamborghini, an empty vessel makes more noise
European MP Clare Daly condemns US attack on Nord Stream
Former U.S. President Carter will spend his remaining time at home and receive hospice care instead of medication
North Korea test-fires an intercontinental ballistic missile into the Sea of Japan west of Hokkaido
Tucker Carlson called Trump a 'demonic force'
US bombed Nord Stream gas pipelines, claims investigative journalist Seymour Hersh
Sheikh Jassim Bin Hamad Al Thani bid in for 100% of Manchester United
US Joins 15 NATO Nations in Largest Space Data Collection Initiative in History
White House: No ETs over the United States
Saray Street in Hatay-Antakya before and after the earthquake
U.S. Jet Shoots Down Flying Object Over Canada
Nord Stream terror attack: David Sacks breaks down Sy Hersh's story
Being a Tiktoker might be expensive…
Miracle: El Salvador Search and Rescue teams, with the support of Turkish teams, rescued a woman and a child from the rubble 150 hours after the earthquake