Gulf oil-producing countries are adopting CO2 capture as a strategy to reduce their emissions and address climate change. Companies like Aramco and ADNOC, major players in the oil industry in Saudi Arabia and the United Arab Emirates, are showing a growing interest in this technology, despite its initially high cost. CO2 capture and removal, once considered a marginal measure, is now recognized as an essential tool in the fight against climate change, according to the Intergovernmental Panel on Climate Change (IPCC).
Recently, there has been strong interest from numerous startups specializing in CO2 capture during a conference in Abu Dhabi, which will host the upcoming United Nations climate conference, COP28. These emerging companies are seeking alliances with the oil and gas sectors to accelerate the adoption of this technology and address the climate crisis.
While some experts caution that CO2 capture should not replace energy transition policies and the gradual phase-out of fossil fuels, there is a favorable business climate in the Gulf region for carbon capture solutions. Moreover, giant oil companies have the technical and financial capacity to drive this technology forward and make significant contributions to the fight against climate change.
In 2016, ADNOC launched the first commercial CO2 capture project in the region, called Al Reyadah, with the ability to remove 800,000 tons of CO2 per year. Additionally, Saudi Arabian company Aramco has invested in British company Carbon Clean, which will develop its first project in the Middle East this year.
This focus on CO2 capture is part of a broader trend in the Gulf region, not only in the oil and gas sector but also in industries such as cement, aluminum, and waste management. In summary, Gulf oil-producing countries are recognizing the importance of CO2 capture as a key tool to reduce emissions and address climate change and are actively seeking collaborations and projects in this field.
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