News

It has been a pleasure to support the Global CCS Institute and to chart the Institute’s progress in the MENA region. Global CCS Institute is the leading global think tank with a mission to accelerate the deployment of CSS. Led by CEO Jarad Daniels and Head of MENA Region Mohammad Abu Zahra, the Global CCS Institute 2024 Report states that the number of CCS facilities globally in the development pipeline increased significantly in 2023 and 392 projects are in the pipeline. CCS has arrived.

CCS in the MENA region already accounts for around 8% of global capture capacity and is on the cusp of a remarkable uptrend, with commitments by Qatar, the UAE and Saudi Arabia in announcing net-zero targets for 2030, 2050 and 2060, respectively, and COP28 serving as a catalyst for the accelerated adoption of CCS technologies in the region.  The EIC (Energy Industries Council)’s DataStream database is now tracking 11 CCS projects in the GCC region with a contract value of US$7.3 billion.

This year’s Global CCS’s “State of the Art: CCS Technologies 2024” Report, expands upon technologies applicable to CCS with deeper insight on their performance and applications. Proven, established technologies used for many decades in various industries are represented, as well as emerging technologies that will drive further improvements in performance, system costs, and energy usage. The featured technologies cover a range of methods in capture, transport, and storage to enable the development of the full CCS value chain.

HFI is very much looking forward to Global CCS Institute’s next stage of development in the MENA region and to the latest news on decarbonisation at ONS 2024 where Jarad Daniels joins a panel to discuss “CCUS in a 2030 Reality – How fast do we need to go?”

HFI is keen to play its part in supporting its clients’ energy transition ventures in the Middle East with our HFI Net Zero Legal Solutions team. The region continues to be dominated by petroleum sector ventures which are anticipated to provide the necessary sales, profits and cash flow to allow diversification into clean energy ventures. Nuclear, solar, green hydrogen and CCS are now substantial and growing parts of the energy mix of the region, with the total energy market to 2030 valued at US$722 billion.

As well as ONS 2024, events coming up are EIC (Energy Industries Council) KSA Open Day 26th August in Dharran, EIC Business Breakfast Oman - Opportunities with Technip Energies 2024 in Muscat on 28th August and EIC Technology Showcase 2024 – 3rd September in Abu Dhabi.