WEBVTT

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Carbon capture, utilization and storage
or in short,

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CCUS will be a crucial component
in enabling the Middle East to clean up

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hard-to-abate
sectors, export low cost, low carbon

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intensity products and services,
and achieve a net zero future.

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Energy security is key today
for both the Middle East and the world,

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especially as we look towards

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low carbon energy
and the battle against climate change.

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In that, a vital role exists for carbon
capture, utilization and storage

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or CCUS,
and the Middle East is expertly positioned

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to be a global leader
in this key mitigation technology.

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According to the IEA and the IPCC,

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we need to remove around one gigaton
of CO2 from the atmosphere per year

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by 2030 in order to keep the 1.5 degree
Paris Agreement goal within reach.

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However, currently we only have

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45 million tonnes
of operational CCUS capacity globally.

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This really needs to be accelerated.

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Great points, Ali,

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and what we see
is that to accelerate this deployment,

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we need value chain collaboration
from financing to the developers.

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Developing shared infrastructure, otherwise known as CCUS Hubs

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which can allow multiple emitters to use the same networks,

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can really reduce the carbon abatement cost throughout

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the sector to less than $100 per metric tonne,

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in many of the CCUS Hubs that we've modeled here in the region.

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Hubs, great example.

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The Middle East already has experience
with this as they account today

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for 10% of the global
operational CCUS facilities

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proving that we already have the capabilities,

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the desire and the ability to accelerate the deployment.

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We've also identified
18 extra potential hubs

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in the GCC and further in the region.

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These hubs will be the catalyst for blue
ammonia, blue hydrogen

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and offering the significant advantage
to the first movers,

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enabling
low carbon exports of these products.

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Furthermore, these hubs will help
facilitate

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the decarbonization of the heavy
industries in the region, particularly

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the production of chemicals, cement
and steel,

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and thanks Ali,
because it’s these hard-to-abate sectors

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and preventing and reducing the emissions
from all of their

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production processes in a more
cost-effective and sustainable manner,

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that will become really key for
the region's decarbonization potential.

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CCUS is critical across
these sectors and future proofing

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these hard-to-abate sectors
and their right to continue to operate.

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Through a combination of incentives,
policy, research and development,

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this industry collaboration
will achieve the required tangible results.

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Through deployment,

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cost potential and an expected reduction in CapEx,

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technology improvements can only be achieved as this deployment grows.

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Investing in carbon capture technologies

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and across the value chain today will be both beneficial

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and prove feasible for the region
in achieving its net zero goals.

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In the energy landscape,

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the Middle East has the chance to redefine
its role by scaling carbon capture technology,

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showcasing its commitment
to a sustainable future,

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and setting an example
for other regions to follow.