By Gavin Gibbon
Gulf kingdom already operates the largest carbon capture and utilization plant in the world
Saudi Arabia is set to launch a carbon trading scheme.
According to a report by news agency Reuters, the kingdom will set up the market-based tool, which is designed to limit greenhouse gases (GHG).
The carbon market trades emissions under cap-and-trade schemes or with credits that pay for or offset GHG reductions.
Energy Minister, Prince Abdulaziz bin Salman, is quoted as saying: “We will come soon with a suggestion on carbon trading that would be a fair carbon trading system ... And I think it will work.
“Carbon is a resource. It is not something that we should just throw and just emit it. Actually, capturing it makes us make money out of it.”
He said the kingdom currently operates the largest carbon capture and utilization plant in the world, turning half a million tons of CO2 annually into products such as fertilizers and methanol.
“We also operate one of the region’s most advanced CO2 enhanced oil recovery plants that captures and stores 800,000 tons of carbon dioxide annually,” he said, adding Riyadh planned to deploy more carbon capture, utilisation and storage infrastructure around the kingdom.