‘Growing momentum’ behind efforts to limit carbon emissions: IEA

There is “growing momentum” to global efforts to accelerate carbon capture, use and storage (CCUS) techniques to help the world meet increasingly urgent climate change targets, the International Energy Agency (IEA) said. (Reuters/File Photo)
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Updated 24 September 2020

‘Growing momentum’ behind efforts to limit carbon emissions: IEA

  • Global investment in CCUS techniques — which Saudi Arabia has placed at the center of its energy transition strategy — has already reached $4 billion this year,

DUBAI: There is “growing momentum” to global efforts to accelerate carbon capture, use and storage (CCUS) techniques to help the world meet increasingly urgent climate change targets, the International Energy Agency (IEA) said on Thursday.

Fatih Birol, the IEA’s executive director, said global investment in CCUS techniques — which Saudi Arabia has placed at the center of its energy transition strategy — has already reached $4 billion this year, and will likely increase as pressure to meet international standards on greenhouse gas emissions intensifies.

“If oil- and gas-producing countries like Saudi Arabia make a big push for CCUS, it’s more than welcome,” he added.

“The issue is whether these technologies will reduce emissions in a timely and significant manner.”

Birol was speaking at a virtual event to mark the publication of an IEA report titled “CCUS in clean energy transitions,” which calls for a “profound transformation in the way we produce and use energy that can only be achieved through a broad suite of strategies.” He said: “We love energy, but we don’t like emissions. Energy is good, emissions are bad.”

The Kingdom’s energy strategy, which seeks to promote technologies and processes that actually remove carbon from the circular economy, will be on show at a virtual meeting of G20 energy ministers organized in Riyadh next Sunday.

Energy Minister Prince Abdul Aziz bin Salman is expected to focus on the Kingdom’s efforts to develop technologies that eliminate carbon from the atmosphere, either storing it securely or using it in other industrial processes.

Birol said oil and gas producers have to manage a strategy that reconciles the requirements of their economies with long-term climate targets.

“It’s a very important task to see a marriage between the availability of energy and the need to reach target goals,” he added.

The IEA event was opened by Erna Solberg, prime minister of Norway, which this week launched an energy program called Longship, named after the Viking raiding boats that Solberg said were the leading technology of their day.

The project aims to cut emissions in oil-exporting Norway and other countries, and invest in CCUS technologies.

The IEA said CCUS will form a “key pillar of efforts to put the world on the path to net-zero emissions.”

CCUS techniques are already in use in Saudi Arabia at several of its oil-production facilities, and new megaprojects such as Neom will aim to achieve “carbon balance,” partly through the use of clean hydrogen as an alternative to traditional hydrocarbon fuels, as well as other forms of renewable energy.


Dubai builder Arabtec to file application for insolvent liquidation

Updated 45 min 38 sec ago

Dubai builder Arabtec to file application for insolvent liquidation

  • Board conclude that it is no longer tenable for the company to continue operating outside of a formal insolvency process
  • The court application will also request a number of other companies in the group be placed into insolvent liquidation at the same time

DUBAI: UAE Builder Arabtec Holding confirmed at a general assembly meeting on Monday it will, at the earliest opportunity, file an application for its insolvent liquidation at the courts.

“In accordance with the resolution of the company’s shareholders at the general assembly meeting held on Sept. 30, 2020, the conclusion was reached following a two-month period of discussions with key stakeholders,” state news agency WAM reported.

“The Board has concluded that it is no longer tenable for the company to continue operating outside of a formal insolvency process and that it is in the best interests of the company’s stakeholders that the company be placed into an insolvent liquidation (subject to court approval) at the earliest opportunity,” the report added.

The court application will also request that Arabtec Construction LLC, Arabtec Constructions LLC, Austrian Arabian Readymix Concrete Co LLC and Arabtec Precast LLC (collectively the Impacted Companies) will also be placed into insolvent liquidation at the same time.

No application has been made with regards to other subsidiaries and the builder intends to continue to engage with stakeholders to explore options open to it, the report added.