The Circular Carbon Economy

Carbon Management

To ensure a transition to sustainable, climate-neutral growth by mid-century, carbon management solutions will be essential to complement renewables and electrification.

Carbon management solutions can take two forms. First, nature-based solutions such as afforestation or second, engineered solutions that capture, store, and/or use carbon dioxide (CO2) emissions.

Carbon Capture Use and Storage

Engineered solutions aim to control anthropogenic releases of CO2 through technology. One such technology is Carbon, Capture, Use and Storage (CCUS). The process involves capturing CO2 emissions from hydrocarbon production, power plants, and from heavy industry such as steel and cement manufacturing.

Most CCUS facilities existing today globally are tied to natural gas processing and made economically viable through enhanced oil recovery (EOR). CCUS projects currently under construction will lead to the creation of industry clusters through pooling CO2 streams from energy generation, industrial processes and manufacturing.

Notwithstanding market hurdles and public acceptance issues, key international organizations cite the importance of CCUS as a critical solution to achieving net-zero climate strategies.

Today, about 40 million metric tons (Mt) of carbon is captured per year. To reach climate goals, CCUS deployment must reach at least 5.6 Gigatonnes (Gt) of CO2 annually, according to the Global CCS Institute (GCCSI), accounting for a fifth of emissions reductions needed by 2050.

Without CCUS, the cost of energy sector transitions could increase by more than 70 percent and several countries view CCUS as a "mitigation and adaptation" technology as was highlighted at the US Summit on Climate Change on 22-23 April 2021.

Many industry-scale CCUS projects will have to enter operation to facilitate the launch of new energy carriers such as hydrogen, and reduce the carbon dioxide emissions from hard to abate sectors.

CCUS projects require far greater government support to accelerate economy-wide deployment.

IEF Engagement on the CCE: CCUS, Hydrogen and Carbon Markets

Since the IEF convened the 2nd High-Level Dialogue on Strategies to Scale CCUS in collaboration with Clean Energy Ministerial (CEM) and King Abdullah Petroleum Studies and Research Center (KAPSARC) on 16 February 2023, IEF has consulted on next steps to accelerate the Circular Carbon Economy.

This includes advancing CCUS and Hydrogen CCE solutions in various IEF dialogue meetings and promoting greater engagement on government strategies and industry investment including, at the Clean Energy Ministerial dialogue sessions prior to the G20 Energy Transitions Meeting hosted by India on 22 July 2023, and the IEF-KAPSARC Thought Leaders' Roundtable on the Role of Clean Hydrogen and CCUS, and various engagements at UN MENA Climate Week hosted by Saudi Arabia on 8-12 October 2023.

The IEF continues to pursue a comprehensive dialogue on CCE solutions that CCUS and Clean Hydrogen provide with IEF member countries and knowledge partners and has supported the launch of the Carbon Management Challenge at COP28. The IEF is actively supporting the Circular Carbon Economy Regional Collaboration, under the auspices of the Middle East Green Initiative, and has published two reports on CCUS regulations and market assessment in the MENA region and beyond.

To allow producers and consumers to move carbon abatement from the mega to the giga order of magnitude, and narrow global divides, the IEF has also focused attention on the role of carbon markets, and in particular voluntary carbon markets, to mobilize climate finance and accelerate clean technology deployment worldwide.

Market Assessment for CCUS in MENA Region

This report provides a comprehensive overview and analysis of Carbon Capture, Utilization and Storage (CCUS) technology globally and in the MENA region, and its role in mitigating climate change.
CCUS Regulatory and Policy Landscape a Global and MENA Perspective

This report is to provide a comprehensive overview and analysis of the CCUS regulatory landscape globally and in the MENA region, assessing the global and regional climate ambitions and targets to mitigate climate change.
IEF-KAPSARC High-Level Roundtable on Carbon Markets and CCE Investment

The IEF-KAPSARC High-Level Roundtable on Carbon Markets and CCE Investment will explore how newly evolving carbon markets and greenhouse gas crediting mechanisms can provide reliable market incentives for scaling investment in CCE technologies.
IEF Welcomes COP28 Recognition of Multiple Pathways to Net Zero

The International Energy Forum congratulated the United Arab Emirates for bringing the UN COP28 climate conference to a successful conclusion with a recognition that each country must chart its own course towards carbon neutrality.
The Role of Clean Hydrogen and CCUS to Achieve Climate Ambitions in MENA

With the support of the Circular Carbon Economy (CCE) Regional Collaboration initiative team, and on the occasion of the MENA Climate Week, the International Energy Forum (IEF) and King Abdullah Petroleum Studies and Research Center (KAPSARC) will host a joint high-level workshop on October, 10, 2023 at the KAPSARC APEX Center in Riyadh, Saudi Arabia.
What's the Target for Carbon Sequestration and How Do We Get There?

Carbon capture, utilization and storage (CCUS) is acknowledged as a critical element of climate action, helping to offset hard-to-abate emissions from heavy industry, aviation and other sectors. But the world’s current CCUS capacity is a fraction of what it needs to be to fulfil its potential. Here’s the scale of that challenge.
Caverns, Concrete and Carbonate: The Future of Storing Captured Carbon

Carbon capture has a critical role to play in offsetting the hardest-to-abate emissions and helping limit global warming. This calls for a huge scaling up in carbon storage capacity.
Critical Role for CCUS Highlighted in Latest IPCC Report. What's Next?

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Strategies to Scale Carbon Capture, Utilization, and Storage

The First High-Level Roundtable on Carbon Management Technologies focused on what works and what needs fixing to deploy large-scale Carbon Capture, Utilization and Storage (CCUS) projects from government, industry, and the finance community perspectives
Carbon Capture Must Grow At Warp Speed To Meet Climate Goals: IEF Report

The industrialized world should prioritize investments in capturing carbon gas from industrial emissions in the same way that it promoted energy efficiency after the oil price shock of 1973, the International Energy Forum (IEF) says in a new report published today
Carbon Capture, Use and Storage (CCUS)

CCUS can aid the transition to renewables by capturing CO2 from fossil fuels. It is central to a circular carbon economy and could account for 1/5 of emissions reductions by 2050.
Creating Demand For Captured Carbon: The Unsolved Puzzle

Carbon capture, utilization, and storage (CCUS) is considered a critical element of climate action, although the technology is yet to be deployed at scale. Creating demand for the supply of carbon dioxide (CO2) would provide commercial incentives to invest in CCUS.
What is CCUS and why is it necessary?

CCUS technology may be one of the quickest and most effective ways to slow down climate change in the short term. What is it and how does it work?
Greater Adoption of Carbon Management Tech Needed to Meet Climate Goals - IEF

To meet climate goals with current energy pathways, the International Energy Forum (IEF) believes Carbon Capture Use and Storage (CCUS) must be swiftly deployed and on a much broader scale, Secretary General Joseph McMonigle said.
G20 Endorse the Circular Carbon Economy

G20 Energy Ministers at a September 2020 Ministerial Meeting endorse the circular carbon economy (CCE) as is an integrated and inclusive approach to transitioning toward more comprehensive, resilient, sustainable, and climate-friendly energy systems that support and enable sustainable development.
President-Elect Biden Brings New Approach for Energy Innovation & Climate Action

International Energy Forum (IEF) Secretary General Joseph McMonigle said the incoming administration of President-Elect Joe Biden in the United States will bring a new approach for the U.S. in its environmental and energy policy, particularly in terms of climate change.
IEF-GARP Global Energy Risk Forum Virtual Series II: Exploring Energy Transitions, Sustainability & Green Stimulus

H.E. Suhail Mohamed Al Mazrouei, Minister of Energy and Infrastructure of the United Arab Emirates shared his views on the current state of energy markets at the Global Energy Risk Forum Virtual Series.
IEF Insight Brief: The Role of Hydrogen in Sustainable Growth

Given its versatility as an energy carrier that can be produced without CO2 emissions, hydrogen is a key catalyst for governments as they strengthen commitment towards sustainable growth in recovery from COVID-19.