The Saudi Ministry of Energy and Ministry of Economy and Planning, in collaboration with the World Economic Forum’s UpLink platform, have announced the launch of a global challenge focused on carbon capture and utilization. The goal is to accelerate the carbon circular economy by fostering innovative solutions.

The announcement was made during a keynote session titled “Sustainable Development Goal 13 and Its Linkages with Other SDGs: Climate Action,” at the United Nations High-Level Political Forum on Sustainable Development 2024.

The challenge aims to encourage startups to present outstanding solutions that contribute to reducing carbon emissions through sustainable system transformations. This includes new and innovative technologies for carbon capture and reuse, as well as industrial integration. It highlights the importance of carbon capture and utilization technologies and the vital role innovations play in driving sustainable economic growth. It also emphasizes the role of decarbonization in achieving net-zero emissions by mid-century.

Prince Abdulaziz bin Salman bin Abdulaziz, the Minister of Energy, emphasized that climate change and sustainability are global issues. They cannot be addressed within regional confines or as local matters but must be tackled on a global scale.

He explained that Saudi Arabia, from this perspective, is committed to enhancing its efforts to achieve its ambitious goal of reaching net-zero emissions by 2060. This will be done through the carbon circular economy model, which not only mitigates the impact of carbon emissions but also reevaluates carbon as a valuable economic resource rather than a negative contributor to climate change.

He pointed out that, in line with this vision and to capitalize on the economic value of carbon globally, the Kingdom has partnered with leading organizations to launch the Carbon Capture and Utilization Challenge. By adopting this challenge, Saudi Arabia is leading significant changes in climate change mitigation efforts. The competition offers individuals and organizations the opportunity to turn tomorrow’s challenges into today’s solutions through joint efforts and pioneering innovations.

The Minister of Economy and Planning, Faisal bin Fadel Al-Ibrahim, stated that the Kingdom is keen on achieving a fair, orderly, and practical energy transition while promoting the carbon circular economy framework. Through this challenge, and with a belief in the importance of innovation, we look forward to seeing innovative solutions related to the carbon circular economy. We encourage innovators, thinkers, and companies to present diverse solutions, which, although they may seem difficult to implement now, could become realities in the near future.

It is noted that submissions will be evaluated and winners selected based on criteria including scalability, commercial viability, technological readiness, and success in securing funding.

Winners will be recognized as leading innovators and integrated into the UpLink innovation ecosystem, a program dedicated to founders, CEOs, and other leaders. Additionally, winners will receive financial awards totaling up to 300,000 Swiss francs, as well as technical, commercial, and operational support to develop and scale their ideas.

Saudi Arabia remains long-term committed to collaborating with other countries to combat climate change and mitigate its impacts. The Kingdom has adopted the carbon circular economy approach as part of its efforts to reduce and remove carbon emissions in line with the Paris Agreement and the United Nations Framework Convention on Climate Change.