ESG

Saudi start-ups have been urged to seek solutions that drive carbon reductions through sustainable systems transformation, including carbon capture technologies, novel carbon utilisation applications, and industrial integration.

The Ministry of Economy and Planning (MEP) and the Ministry of Energy (MoEnergy), in collaboration with UpLink, launched the Carbon Capture and Utilization Challenge in July. Carbon removal is essential in reaching the world’s net zero goals by the mid-century.

“Climate change and sustainability are global issues. They cannot be addressed in regional scopes or smaller territorial contexts; it has to be a global effort,” said His Royal Highness Abdulaziz bin Salman, Saudi Arabia’s minister of energy.

He stated that the kingdom aims to reach net zero by 2060 through the Circular Carbon Economy Framework, which reduces carbon emissions while valuing carbon as an economic resource rather than a pollutant. The country has launched this global carbon capture and utilisation challenge to exploit the economic value of carbon and lead efforts to confront climate change through joint efforts and pioneering innovations.

According to His Excellency Faisal Alibrahim, Saudi Arabia's minister of economy and planning: “The kingdom is committed to a just, orderly, and pragmatic energy transition and is advancing the circular carbon economy framework. Through this challenge, we seek new solutions to push innovation forward. We encourage innovators, thinkers, and companies to propose out-of-the-box solutions that may seem like long shots today, but could become applicable and actionable in the future.”

Winners will be recognised as top innovators and become part of the UpLink Innovation Ecosystem, a curated programme for leaders in various sectors. They will also share a cash award of up to CHF 300,000 (SAR 1.256 million), and receive technical, business, and operational support to scale their ideas.

The Circular Carbon Economy Framework is part of Saudi Arabia’s efforts to reduce and remove carbon emissions, in line with the Paris Agreement and the United Nations Framework Convention on Climate Change.

RIYADH AIR’S PLEDGE

With global and regional travel set to expand over the coming years, and aviation responsible for 2% of global greenhouse gas emissions, Riyadh Air is also taking steps to reduce its emissions as it gears up for launch.

In March, Riyadh Air joined the United Nations Global Compact (UNGC), the world’s largest corporate sustainability initiative advocating for responsible business practices and the promotion of Sustainable Development Goals (SDGs).

In a letter to UN secretary general António Guterres, Riyadh Air CEO Tony Douglas pledged the airline's commitment to implementing the Ten Principles of the UN Global Compact. As an active participant in the UNGC, the Saudi carrier will adopt sustainable and socially responsible policies in areas such as human rights, labour, environment, and anti-corruption, and will regularly report on its progress.

To support the advancement of the 17 UN SDGs, Riyadh Air will collaborate with partners and stakeholders to drive progress toward these goals by 2030. The airline will also publish its first Sustainability Report before its inaugural flight in mid-2025.

Launched in July 2000, the UNGC is a voluntary UN initiative designed to encourage companies worldwide to develop, implement, and disclose responsible and sustainable corporate policies and practices.

Scheduled to commence operations in 2025, Riyadh Air aims to become "the world’s most forward-thinking carrier," embracing the best sustainability practices, elevating air travel, and setting new standards for reliability, comfort, and hospitality.

MARINE WASTE MANAGEMENT

Meanwhile, the Saudi Ports Authority (Mawani) and Global Environmental Management Services Ltd. (Reviva), a subsidiary of Saudi Investment Recycling Company (SIRC) Group, agreed in June to establish a plant for recycling marine and industrial waste at Jeddah Islamic Port. The project, valued at SAR 30 million, will cover an area of 10,000 square metres.

“The initiative is part of Mawani's efforts to promote environmental sustainability, ensure marine safety, and develop a sustainable maritime sector. It aligns with the National Transport and Logistics Strategy and the Green Ports Initiative, aiming to bolster Saudi Arabia's position as a global logistics centre and a hub connecting three continents,” the company said.

The new plant will enhance waste utilisation by converting waste into valuable resources, thereby promoting a thriving circular economy in the kingdom. It will offer comprehensive waste management and recycling solutions, industrial maintenance services, by-product recycling, and transportation services, which will minimise waste generation and improve waste management operations while preserving the environment.