The Gulf States, including the UAE, are testing the theory that their favorable geology for underground storage and proximity to gases from industrial production make them good candidates for large-scale adoption of carbon capture technology[1]. The UAE is already a leader in carbon capture, with about 10% of CO2 captured globally in the industrial facilities of the Gulf States. However, the region faces the challenge of scaling up these projects, as the projects already up and running are much smaller than the projects in the pipeline.
Adapting to a Lower-Carbon Future
The UAE is adapting to the realities of the energy transition by increasing the penetration of renewables in the domestic energy mix and attempting to diversify economies against the possibility of falling global hydrocarbon consumption. The region’s unique strengths in cost efficiency, scale, and geological storage make it a pivotal player in advancing carbon capture technology on a global scale.
Carbon Capture Projects and Plan
The Gulf States are testing the theory that their favorable geology for underground storage and proximity to gases from industrial production make them good candidates for large-scale adoption of carbon capture technology. But they face the challenge of scaling. The projects already up and running are much smaller than the projects in the pipeline. Take Saudi Aramco, which is gearing up for a huge blue hydrogen facility that would require more carbon capture. But here is the twist: the ability to capture emissions in fossil fuel production serves the purpose of meeting domestic net-zero targets while also protecting export revenues.
KPMG’s Sustainability Strategy: Powering Net Zero
In 2021, KPMG released its first Impact Plan, detailing ESG commitments including the goal to achieve net zero carbon emissions by 2030, and has been releasing updated Impact Plans annually since. The Impact Plans are split into four sections: Governance, People, Planet and Prosperity. KPMG’s sustainability strategy is a testament to the company’s commitment to sustainability and its role as a leader in the global fight against climate change. The company has reduced CO2 emissions by 22% against the FY19 baseline year, and global consumption of renewable energy has increased to 81% in FY23[2].
Navigating the Sustainable Benefits & Social Concerns of AI
Generative artificial intelligence (Gen AI) is a natural progression for companies leveraging digital technology, and it simplifies the corporate approach to sustainability, making the once burdensome sustainability agenda a more enriching feat. As Elisabeth Goos, Market Leader of Sustainability Services for EMEA & DACH countries at IBM Consulting, says: “Generative AI is a gamechanger for its unique ability to take vast quantities of data and turn it into real insights at rapid speed”[3]. This is where Gen AI is leveraged the most—undertaking the tasks that cost businesses time and money; manual applications of data that soak up human resources. Goos describes this as a long-term pain point and Gen AI will be instrumental in reshaping this narrative.
Planting Trees to Reduce Carbon Footprint
Planting trees is an effective way to reduce carbon footprint and combat climate change. One Tree Planted, a non-profit organization, has planted over 40 million trees in more than 43 countries, including the UAE, since its inception in 2014[4]. Planting trees not only reduces carbon dioxide in the atmosphere but also provides habitat for wildlife, preserves soil health, and promotes biodiversity.
Plastics: A Tough Target for Circular Treatment
Plastic production reached 460 million tonnes in 2019, with three-quarters ending up as waste, most of which went into landfills, but 22 million tonnes leaked into the environment, including bodies of water. The circular economy is seen as a solution to this problem, with a priority on reducing plastic production and making it less toxic[5].
Conclusion
The UAE’s carbon capture commitment is a significant step towards reducing carbon emissions and promoting sustainable development. The country’s efforts to advance its carbon capture portfolio align with the global push towards sustainable development and demonstrate its commitment to reducing carbon emissions and promoting sustainable development. The UAE’s sustainability strategy is a comprehensive approach to reducing carbon emissions and promoting sustainable development, and it is a testament to the country’s commitment to a sustainable future.
References:
[1] How Carbon Capture Technology Could Maintain Gulf States’ Oil Legacy – Center on Global Energy Policy at Columbia University SIPA CGEP, 2024-03-29, https://www.energypolicy.columbia.edu/how-carbon-capture-technology-could-maintain-gulf-states-oil-legacy/
