SAUDI ARABIA

Circular Carbon Economy Program funds to reach $10 billion in 10 years

Kingdom operates on three main axes: Energy security, economic growth, people's prosperity

October 27, 2021

Saudi Gazette Report

RIYADH — Minister of Energy Prince Abdulaziz Bin Salman said on the second day of the fifth edition of the Future Investment Initiative (FII) here Wednesday that the Circular Carbon Economy (CCE) Program funds will reach $10 billion in 10 years.

The minister indicated that the CCE Program is considered the best humanitarian initiative that can be extracted from the Future Investment Initiative.

The biggest challenge facing Saudi Arabia now is climate change, as the Kingdom operates according to three main axes: energy security, economic growth, people' prosperity, the minister said.

He announced that the Kingdom is preparing to launch an energy strategy soon, as it will embody the Saudi Green Initiative and the Middle East Green Initiative.

The energy strategy will also embody programs related to decarbonization such as: raising energy efficiency and the hydrogen production transformation program and the renewable energy usage program.

It is noteworthy that Crown Prince Muhammad Bin Salman announced on Saturday that Saudi Arabia aims to reach Net Zero by 2060, through the Carbon Circular Economy approach.

For reducing emissions, Crown Prince Muhammad launched initiatives in the energy sector that will reduce carbon emissions by 278 million tons annually by 2030, thus voluntarily more than doubling the target announced, estimated at 130 million tons annually.


October 27, 2021
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