CCUS deployment must reach at least 5.6 gigatons of CO 2 by 2050 globally from 40 million tons today to meet the Paris Agreement and UN Sustainable Development Goals, according to the IEF. The report finds that many MENA countries including Saudi Arabia and the UAE have a well-established track record and have an opportunity to become leaders in the deployment of CCUS solutions. The report says they can achieve this by developing regulatory and incentive frameworks, promoting research and development, strengthening policy dialogue, and facilitating regional integration. “The region, especially the GCC countries, benefits from regulatory speed, governmental support, and industrial interest in accelerating the region's transition to a low-carbon economy,” the report says. “These factors play a crucial role in creating an enabling environment for CCUS investments and fostering innovations in the energy sector. A cohesive regulatory framework for CCUS implementation for the MENA region to achieve its climate ambitions will also enable it to trade with other regions through carbon markets. By adopting a framework that is in line with international standards and comprehensive, the region can position itself as a leader in CCUS implementation. This would not only contribute to global efforts to combat climate change but also support transitions to sustainable and inclusive low-carbon future in the MENA region and wider world.” The report notes that in Saudi Arabia, significant efforts have been made to invest in CCUS and develop CCUS-enabling initiatives and policies, including a carbon market, which is a pivotal tool in incentivising emission reduction activities. Two CCUS projects are already in operation, and it plans for the largest CCUS hub globally in Jubail, anticipated to be operational by 2027. In its first phase, this carbon capture 19 By investing in CCUS, MENA countries can not only reduce their emissions, but also create new opportunities for economic growth and job creation. ISSUE 5 2024 | oilreviewmiddleeast.com