A recently published research paper revealed that Saudi Arabia has a competitive edge when it comes to producing carbon-neutral oil.
This enables the Kingdom to proceed with comprehensive applications of carbon capture, use, and storage for future transition to carbon-free oil production, while it can recycle carbon by-products into beneficial chemicals that can be utilized and marketed for use in multiple energy purposes.
Published by the King Abdullah Petroleum Studies and Research Center (KAPSARC), the paper reveals that Saudi Arabia is currently working towards achieving a circular economy.
The paper discussed ways to coordinate initiatives of Kingdom Vision 2030 in order to achieve green growth in the Kingdom, which means increasing the GDP and continuing economic growth in parallel to cutting carbon dioxide emissions.
Saudi Arabia, according to the paper, produces the world’s lowest carbon levels per oil barrel and this gives the Kingdom a competitive edge in the future transition to producing carbon-neutral oil.
The paper stated that the Kingdom has an opportunity to become a major supplier of basic low-carbon petrochemicals as well as high-value chemicals by increasing the use of renewable energy and improving the efficiency of the refining, processing, and marketing industries in the petrochemical industry.
Titled “Green Growth Paths in The Kingdom,” the paper presented nine policies that promote green growth in Saudi Arabia.
The paper notes that the Kingdom's 2030 vision encourages green growth through its strategic goals, which include building new cities, developing national industry and logistic services, and upgrading digital technologies to enhance trade and local content by focusing on industry, mining, energy, and logistical services.
