The Kingdom of Saudi Arabia has established a carbon-capture sequestration center (CCC), as the state oil giant seeks to reach its goal of net-zero emissions by 2060, as per media reports.
The Kingdom is not reliant on mining to supplement its petroleum industry, pointing out the impact of a buoyant minerals sector on the balance sheet of the world's most famous petroleum-based economy - hydrocarbons account for some 42% of The Kingdom's handsome $1.5 trn GDP.
The center will be located on the east coast of Saudi Arabia in Jubail. The hub will potentially be able to store up to 9 million tons of CO2 a year by 2027.
It is understood that mining must form part of the plan to limit Saudi Arabia's reliance on fossil fuels, and it is one of two economic ‘pillars’ the country is attempting to grow alongside its petroleum mainstay. The other pillar is petrochemicals.
Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough&Polished
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