RIYADH: Saudi Arabia’s King Abdullah Petroleum Studies and Research Center has launched the second edition of the Circular Carbon Economy Index, a tool to compare how 64 countries are deploying various methods and technologies to reduce their CO2 emissions.
Launched during the UN Climate Change Conference, COP27, the CCE Index covers 90 percent of the global economy and carbon emissions, according to a statement.
The number of countries included in the Index has increased from 30 to 64, Fahad Alturki, vice president of Knowledge and Analysis at KAPSARC, said.
The newly launched CCE is based on four Rs namely, reducing, recycling, reusing, and removing.
“The CCE draws the attention to the need to manage energy and carbon flows holistically, each country and actor based on its strengths and priorities,” Alturki said.
In the 2022 edition, Norway, the Netherlands, Germany, the UK and Switzerland, top the CCE Index. At the bottom are five Sub-Saharan African countries.
The gap between these top and bottom performers is notable, which indicates that countries toward the end of the list in particular will be in need of significant assistance to be able to successfully transition to CCEs.
With regard to CCE Performance, many countries were found not yet deploying some of the most important technologies necessary for achieving full carbon circularity.
Compared with the CCE Index of last year, 57 countries improved their total CCE Index scores in 2022, while seven saw a deterioration in their scores.
For many countries, the most challenging task for a successful transition will be addressing the large gaps in enabling factors and conditions in areas like technology and access to sustainable finance, said Fatih Yilmaz, a fellow in the Climate and Sustainability Program at KAPSARC.
On Saturday, the Saudi Minister of Communications and Information Technology said the circular carbon economy is the only way to tackle climate change.
This came as Abdullah Alswaha outlined the Kingdom’s green initiatives during the UN Climate Change Conference, or COP 27, in Sharm El-Sheikh.
When it comes to the “remove” factor, he said Aramco, in collaboration with the Ministry of Energy, has launched a carbon capture and storage hub with a storage capacity of up to nine million tons of carbon dioxide per year.
With adequate talent and technology, the minister stressed Aramco has demonstrated that carbon can coexist within the transition to net zero underground.