In a major stride towards sustainable development, Saudi Arabia’s Ministry of Economy and Planning (MEP) and Ministry of Energy (MoEnergy), in partnership with UpLink, have introduced the Carbon Capture and Utilization Challenge. This initiative is a call to action for innovators around the globe to propel the circular carbon economy forward.
The unveiling of this challenge took place at the United Nations High-Level Political Forum on Sustainable Development, under a session titled ‘SDG 13 and Interlinkages with Other SDGs – Climate Action’ on July 10.
Startups worldwide are invited to propose unique approaches that contribute to carbon reduction by fostering sustainable transformations in systems. These approaches could include advancements in carbon capture methodologies, groundbreaking carbon utilization applications, and integration within industrial processes.
This challenge underscores the significance of carbon capture and utilization (CCU) and the vital role that innovation plays in forging a sustainable and economically thriving future. It also spotlights the essential contribution of carbon removal strategies in achieving net-zero emissions by the middle of the century.
“The climate change issue and sustainability is a global issue,” remarked Saudi Minister of Energy Prince Abdulaziz bin Salman. “It cannot be attended to in regional scopes or as a smaller territorial thing. It has to be global.”
The Prince elucidated Saudi Arabia’s commitment to its ambitious net-zero target by 2060, facilitated by the Circular Carbon Economy Framework. This framework not only diminishes carbon emissions but also reimagines carbon as a valuable economic resource, rather than a mere pollutant.
The Kingdom’s vision includes the global leveraging of carbon’s economic value, demonstrated through the launch of the global carbon capture and utilization challenge in collaboration with key organizations.
By championing this challenge, Saudi Arabia is positioning itself at the forefront of climate change mitigation efforts. The challenge represents a conduit for individuals and entities to convert the challenges of tomorrow into the solutions of today, through collective endeavors and cutting-edge innovations.
Faisal Alibrahim, Saudi Minister of Economy and Planning, expressed the Kingdom’s dedication to a just, structured, and practical energy transition, aiming to foster the circular carbon economy framework.
“Through this challenge, related to innovation within the circular carbon economy, we anticipate new solutions that will advance innovation,” he stated, encouraging all innovators and enterprises to think creatively.
Proposed solutions will undergo a rigorous evaluation process, considering criteria such as scalability, commercial viability, technological maturity, and successful fundraising capabilities.
The victors of this challenge will be celebrated as top-tier innovators and will be integrated into the UpLink Innovation Ecosystem—a specialized program for leaders across various sectors. They will also be awarded a portion of a CHF 300,000 prize and will receive comprehensive support in scaling their ideas, including technical, business, and operational guidance.
