Khalidh Rizwan
COLOMBO :The Ministry of Economy and Planning and the Ministry of Energy of Saudi Arabia, in partnership with UpLink, have introduced the Carbon Capture and Utilization (CCU) Challenge, aimed at discovering innovative solutions to expedite the circular carbon economy. The announcement was made at the United Nations High-Level Political Forum on Sustainable Development (HLPF) during a key session on ‘SDG 13 and Interlinkages with Other SDGs – Climate Action’ held on July 10, 2024.
This challenge invites startups to present unique solutions for carbon reduction through sustainable systems transformation. This includes advanced carbon capture technologies, innovative carbon utilization methods, and industrial integration. The initiative underscores the critical role of CCU in achieving a sustainable and economically prosperous future and emphasizes the significance of carbon removal in reaching net-zero targets by mid-century.
HRH Prince Abdulaziz Bin Salman, Saudi Arabia’s Minister of Energy, emphasized the global nature of climate change and sustainability challenges. “The climate change issue and sustainability is a global issue,” he stated. “It cannot be attended to in regional scopes or as a smaller territorial thing. It has to be global.” He reiterated Saudi Arabia’s commitment to achieving net zero by 2060 through the Circular Carbon Economy Framework, which seeks to not only mitigate carbon emissions but also recognize carbon as an economically valuable resource rather than a pollutant. The prince highlighted that the Kingdom, in partnership with leading organizations, has launched this global CCU challenge to drive significant changes in climate action efforts. This initiative aims to convert future challenges into present solutions through collaborative efforts and pioneering innovations.
His Excellency Faisal Alibrahim, Saudi Arabia’s Minister of Economy and Planning, echoed this sentiment, stressing the Kingdom’s dedication to a fair, organized, and pragmatic energy transition. “The Kingdom is keen on a just, orderly, and pragmatic energy transition and is working towards the advancement of the circular carbon economy framework,” he said. Alibrahim encouraged innovators to propose out-of-the-box solutions, even those that might seem ambitious now but could become practical in the future. “Through this challenge, related to innovation inside the circular carbon economy, we look forward to seeing new solutions that would help push innovation forward.”
Submissions will be assessed based on scalability, commercial viability, technological readiness, and fundraising success. Winners will be recognized as leading innovators and will join the UpLink Innovation Ecosystem, a curated program for founders, CEOs, executive directors, and other leaders. They will also share a cash prize of up to CHF 300,000 and receive technical, business, and operational support to scale their solutions.
Saudi Arabia has affirmed its long-term commitment to addressing climate change and collaborating internationally to combat it. The Kingdom has launched the Circular Carbon Economy Framework as part of its efforts to reduce and remove carbon emissions, aligning with the Paris Agreement and the United Nations Framework Convention on Climate Change.
The challenge will close on 12th September 2024, and those interested in participating are invited to submit their innovations by visiting: https://uplink.weforum.org/uplink/s/uplink-issue/a00TE0000080E1a/carbon-capture-and-utilization-challenge?activeTab=Challenge-Overview
