During the United Nations High-Level Political Forum on Sustainable Development (HLPF), Saudi Arabia’s Ministry of Economy and Planning (MEP) and Ministry of Energy, in collaboration with UpLink, announced the launch of the Carbon Capture and Utilization Challenge. This challenge aims to seek innovative solutions that accelerate the circular carbon economy.
Addressing climate change through innovation
The challenge was launched as part of the HLPF session titled ‘SDG 13 and Interlinkages with Other SDGs – Climate Action’. It encourages startups to submit unique solutions that drive carbon reductions through sustainable systems transformation. This includes carbon capture technologies, novel carbon utilization applications, and industrial integration.
Importance of carbon capture and utilization
The initiative emphasizes the importance of carbon capture and utilization (CCU), highlighting the crucial role that innovation plays in driving a sustainable and economically prosperous future. It also underscores the important role of carbon removal in reaching net-zero emissions goals by mid-century.
Saudi Arabia’s commitment to the circular carbon economy
His Royal Highness Prince Abdulaziz bin Salman, Saudi Arabia’s Minister of Energy, stated that climate change and sustainability are global issues that require global cooperation. He said the Kingdom of Saudi Arabia seeks to enhance its efforts to achieve its ambitious goal of reaching net zero by 2060 through the Circular Carbon Economy Framework. This framework not only reduces the impact of carbon emissions, but also values carbon as a resource with real economic value, rather than just a pollutant.
Read more: Sustainable investments could unlock $2 trillion for GCC countries by 2030: Report
A call for innovation and partnerships
His Excellency Faisal Alibrahim, Saudi Arabia’s minister of Economy and Planning, expressed the Kingdom’s commitment to a just, orderly, and pragmatic energy transition. Additionally, he said the challenge represents an opportunity for innovators, thinkers, and companies to come up with out-of-the-box solutions that could help push innovation forward in the circular carbon economy.
This challenge encourages startups to submit innovative solutions that reduce carbon emissions and accelerate innovation in the circular carbon economy by valuing carbon as a resource with real economic value and enhancing its capture and utilization.
Participate now:… pic.twitter.com/qVLpyYQzvZ— وزارة الطاقة (@MoEnergy_Saudi) July 11, 2024
Evaluation and support for winners
Submissions to the challenge will be evaluated on factors such as scalability, commercial viability, technological readiness, and fundraising success. Winners will further be recognized as top innovators, join the UpLink Innovation Ecosystem, and receive a cash award of up to CHF 300,000 along with technical, business, and operational support to scale their ideas.
Saudi Arabia’s long-term commitment to climate action
Moreover, the Kingdom of Saudi Arabia has pledged a long-term commitment to addressing climate change and cooperating with other countries to combat it. Additionally, the launch of the Carbon Capture and Utilization Challenge is part of these efforts, aligned with the Paris Agreement and the United Nations Framework Convention on Climate Change.
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