Saudi Arabia Joins Global CCS Institute

Saudi Arabia is the latest member to join the Global CCS Institute (SPA)
Saudi Arabia is the latest member to join the Global CCS Institute (SPA)
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Saudi Arabia Joins Global CCS Institute

Saudi Arabia is the latest member to join the Global CCS Institute (SPA)
Saudi Arabia is the latest member to join the Global CCS Institute (SPA)

Saudi Arabia, represented by the Energy Ministry, has become the latest member to join the Global CCS Institute on scaling up carbon capture and storage technology (CCS).

Saudi Arabia reaffirmed its commitment to tackling the climate challenge through collaboration, innovation, and adopting proven technologies.

Saudi Arabia has a diverse portfolio aimed at reducing carbon emissions, including through CCS, with a target to reach net zero by 2060.

Minister of Energy Prince Abdulaziz bin Salman said CCS is a needed technology to drive a low-emission transition across the complex to abate industries.

"In 2022, Saudi Arabia announced plans to develop one of the largest CCS hubs in the world, where 44 million tons of CO2 will be mitigated annually through CCS efforts in the Jubail industrial city by 2035," said the minister.

He indicated that getting ambitious climate projects off the ground will require partnerships and region-specific expertise and knowledge, and being a member of the Global CCS Institute will enhance that further.

The Global CCS Institute said it is keen to work with the Saudi government to provide expertise to drive the accelerated deployment of CCS technology.

CEO of the Global CCS Institute Jarad Daniels stated that Saudi Arabia is putting plans in place to develop large-scale projects that will have the capacity to capture and store millions of tons of CO2 from industry, subsequently being poised to be a CCS leader in the Middle East and North Africa (MENA) region.

"As the country shifts from CCS ambition to CCS action, we look forward to being an active part of that journey," Daniels added.

The Global CCS Institute's diverse membership is over 200 strong, spanning 33 countries, including 13 government members.

Saudi Arabia's Ministry of Energy, leading the government's carbon capture and storage efforts, will work closely with the Institute on CCS capacity building.

Although over 250 CCS facilities are in various stages globally, that number will need to increase by 100-fold for international climate targets to be reached by mid-century.

Saudi Arabia's geological storage capacity makes the country an excellent candidate for CCS deployment and industrial decarbonization efforts.



Gold Prices Hold Steady as Investors Await US Fed Policy Cues

A participant shows gold bars during the 21st edition of the international gold and jewelry exhibition at the Kuwait International Fairgrounds in Kuwait City on May 23, 2024. (Photo by Yasser AL ZAYYAT / AFP)
A participant shows gold bars during the 21st edition of the international gold and jewelry exhibition at the Kuwait International Fairgrounds in Kuwait City on May 23, 2024. (Photo by Yasser AL ZAYYAT / AFP)
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Gold Prices Hold Steady as Investors Await US Fed Policy Cues

A participant shows gold bars during the 21st edition of the international gold and jewelry exhibition at the Kuwait International Fairgrounds in Kuwait City on May 23, 2024. (Photo by Yasser AL ZAYYAT / AFP)
A participant shows gold bars during the 21st edition of the international gold and jewelry exhibition at the Kuwait International Fairgrounds in Kuwait City on May 23, 2024. (Photo by Yasser AL ZAYYAT / AFP)

Gold prices remained steady on Wednesday, as investors awaited the US Federal Reserve's decision on interest rates due later in the day, while also focusing on US President Donald Trump's trade policies following his tariff threats.

Spot gold eased 0.2% to $2,758.49 per ounce by 09:55 a.m. ET (1455 GMT), while US gold futures rose 0.3% to $2,775.60, widening the premium over spot gold rates.

The Fed is scheduled to release its latest policy decision and statement at 2 p.m. EST (1900 GMT), with Fed Chair Jerome Powell due to hold a press conference half an hour later to elaborate on the meeting.

The US central bank is widely expected to hold interest rates steady as it awaits further inflation and jobs data and more clarity on the economic impact of Trump's policies before deciding whether to cut borrowing costs again.

"However, the Fed's commentary in regards to the potential for an interest rate cut in the March meeting is going to be in focus," said David Meger, director of metals trading at High Ridge Futures.

Gold prices neared all-time highs last week after Trump called for lower interest rates. Bullion tends to thrive in a low-interest-rate environment as it yields no interest.

Prices, however, retreated sharply on Monday as a sell-off in technology stocks, driven by Chinese AI model DeepSeek, sparked a rush to liquidate bullion to counter losses, according to Reuters.

The sell-off in the stock market seen on Monday may not be over and the unpredictability of Trump's policies is contributing to an increased demand for gold as a safe-haven, said Jim Wyckoff, a senior market analyst at Kitco Metals.

Trump still plans to make good on his promise to issue tariffs on Canada and Mexico, and his policies are widely seen as inflationary.

Elsewhere, spot silver gained 1.7% to $30.92 per ounce, platinum also added 0.5% to $946.45. Palladium was up 0.8% to $962.50.