Carbon Capture Summit | 11th-12th October 2022 | Dubai, UAE

OVERVIEW

The world is confronting a climate crisis. Officials and CEOs are under escalating pressure to deliver the market’s demand for environmental protection.

According to the Paris Agreement, the amount of CO2 captured by 2040 must increase to around 4,000 million tons a year. Industry, accounting for 24% of total global CO2 emissions, needs deep decarbonization to achieve the climate goals of the Paris Agreement. The Middle East and North Africa (MENA) is highly reliant on domestic fossil fuel resources, with only 1% of total final energy consumption based on renewable energy. The MENA region with 13 tons of CO2 emitted per capita per year; below the levels of North America (19 tons), above Europe (7.8 tons), pledged to decarbonized by 2050 ahead of 26th United Nations Congress of Parties (COP26) in November 2021. The Intergovernmental Panel on Climate change (IPCC) listed Carbon Capture & Storage (CCS) as one of the major technologies needed to reduce emissions; however, the pace of development has been slow. While, the global CCS market is estimated to be worth more than USD 15 billion by 2023. The World Bank Group’s Roadmap for Climate Change Action Plan in the MENA committed to boost green recovery in the region by unlocking USD10 billion for climate-smart projects and policy reforms.

The CCS technology is essential to meeting the goal of a net carbon zero economy by 2050. Based on IEA, power and industrial facilities have the capacity to capture more than 40 MtCO2 annually. According to an analysis by The Fortune Business Insights, the global CCS market is projected to grow from $2.01 billion in 2021 to $7.00 billion in 2028 at a CAGR of 19.5%. This recent analysis could prompt more companies to plan pipeline of projects to accelerate the delivery of 1.7 billion tonnes of CO2 capture deployed by 2030 in the Net Zero by 2050 scenario. Besides decarbonization objectives, a green energy transition pathways can help boost the economic growth, job creation/upgrading, and poverty eradication.