Ministries of Energy and Economy Launch Global Carbon Capture Challenge with Uplink
The Ministry of Energy and the Ministry of Economy and Planning, in cooperation with the UpLink platform of the World Economic Forum, announced the launch of a global challenge on carbon capture and use.
It aims to promote the search for innovative solutions to accelerate the circular carbon economy.
Moreover, this challenge was announced in a key session entitled: “The Thirteenth Sustainable Development Goal and its Linkage to Other Sustainable Development Goals; Climate Action,” within the work of the 2024 United Nations High-Level Political Forum on Sustainable Development.
The challenge aims to encourage emerging companies to offer solutions that reduce carbon emissions through sustainable system transformations. This includes new technologies for carbon capture and reuse, and industrial integration. It also emphasizes the importance of carbon capture and the role of innovations in driving sustainable economic growth. Additionally, it also highlights the importance of decarbonization in achieving net neutrality by mid-century.
Climate Change on a Global Scale
Prince Abdulaziz bin Salman bin Abdulaziz, Minister of Energy, stressed on this occasion that the issue of climate change and sustainability is a global issue.
The Minister explained that Saudi Arabia aims to achieve net zero emissions by 2060 using the circular carbon economy model. Additionally, this approach mitigates carbon emissions and reevaluates carbon as a valuable resource, not just a negative factor in climate change.
the Minister of Economy and Planning, Mr Faisal bin Fadel Al-Ibrahim, said: “The Kingdom is keen to achieve a fair, regular and practical energy transition, and is working towards strengthening the framework of the circular carbon economy. Moreover, through this challenge, and with our belief in the importance of innovation, we look forward to seeing innovative solutions related to the economy.” We also encourage innovators and companies to offer different solutions, as although they seem difficult to implement at present, they may become a reality shortly.”
Evaluation Criteria, Selection Process
It is noteworthy that the evaluation of entries, and the selection of winners in the challenge, will be based on criteria that include scalability and success in obtaining financing.
The winners of the competition will be honoured for being among the most prominent innovators.
They also will be included in the Uplink Innovation System, a program dedicated to founders and CEOs.
The winners will also receive financial prizes totalling 300,000 Swiss francs, in addition to receiving technical support. Commercial and operational opportunities to develop and expand their ideas.
Saudi Arabia is committed to long-term cooperation with other countries to confront climate change and reduce its effects. Furthermore, it has adopted a circular carbon economy approach to reduce carbon emissions. This is in line with the Paris Agreement and the United Nations Framework Convention on Climate Change
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