Saudi Arabia is considering launching a carbon trading scheme and will work on the form of carbon trading system, as the kingdom aims to make CO2 a resource that could raise revenues. It already operates a carbon capture storage and utilization (CCUS) plant, which turns around 0.5 MtCO2/year into methanol and fertilisers, along with the Uthmaniyah CO2 enhanced oil recovery plant, which can capture and store around 0.8 MtCO2/year from a gas production and processing plant. The government plans to deploy additional carbon capture, utilisation and storage infrastructures in the country.
Saudi Arabia has announced plans to cut CO2 emissions, improve its energy efficiency and diversify its energy supplies. It expects its energy price reforms and its energy efficiency policy to help reduce local energy demand by as much as 2 mboe/d by 2030 compared with previous forecasts. The country plans to list its national oil company Saudi Aramco soon, in a context of shift away from fossil fuels and rising environmental concerns.
Interested in Global Energy Research?
Enerdata's premium online information service provides up-to-date market reports on 110+ countries. The reports include valuable market data and analysis as well as a daily newsfeed, curated by our energy analysts, on the oil, gas, coal and power markets.
This user-friendly tool gives you the essentials about the domestic markets of your concern, including market structure, organisation, actors, projects and business perspectives.