KSA Launches Carbon Capture and Utilization Challenge
The challenge will close on September 12th, 2024.
Saudi Arabia's Ministry of Economy and Planning (MEP) and Ministry of Energy (MoEnergy), in collaboration with UpLink, have announced the launch of the Carbon Capture and Utilization Challenge. This initiative seeks solutions to advance the circular carbon economy.[1]
Read More: KSA Hosts MENA Climate Week
The challenge was introduced during the United Nations High-Level Political Forum on Sustainable Development (HLPF) on July 10th, 2024, in a session titled "SDG 13 and Interlinkages with other SDGs – Climate Action."
The initiative encourages startups to submit solutions that drive carbon reductions through sustainable systems transformation, including carbon capture technologies, carbon utilization applications, and industrial integration.
Saudi Arabia aims to achieve its goal of reaching net zero by 2060 through the Circular Carbon Economy Framework, which values carbon as a resource with economic value. In line with this vision, the Kingdom has launched this global challenge in partnership with organizations to leverage the economic value of carbon.
Winners will be recognized as top innovators and become part of the UpLink Innovation Ecosystem, a program for founders, CEOs, executive directors, and other leaders. They will also share a cash award of up to CHF 300,000 and receive technical, business, and operational support to develop their ideas.
The challenge will close on September 12th, 2024. Those interested in participating can submit their innovations by visiting the UpLink website.
In May, Saudi Arabia allocated $2.5 billion to the secretariat of the Middle East Green Initiative in the fight against climate change. The announcement was made by Minister of State for Foreign Affairs Adel Al-Jubeir during the first "National Afforestation Forum" in Riyadh.
