Saudi Arabia’s Ministry of Economy and Planning (MEP) and Ministry of Energy (MoEnergy), in collaboration with UpLink, have launched the Carbon Capture and Utilization Challenge.
This initiative seeks innovative solutions that accelerate the circular carbon economy, encouraging startups to submit distinct solutions that drive carbon reductions through sustainable systems transformation. The challenge emphasizes the importance of carbon capture and utilization (CCU) in achieving net-zero goals by mid-century.
1. Launch at UN High-Level Forum
The challenge was announced on July 10, 2024, during the UN High-Level Political Forum on Sustainable Development in a session titled ‘SDG 13 and Interlinkages with Other SDGs—Climate Action’.
2. Encouragement for Innovation
Startups are encouraged to submit solutions focusing on carbon capture technologies, novel carbon utilization applications, and industrial integration.
3. Global Vision
His Royal Highness Prince Abdulaziz Bin Salman emphasized the global nature of climate change and the importance of international cooperation in addressing it.
4. Net-Zero Ambition
Saudi Arabia aims to reach net-zero carbon emissions by 2060 through the Circular Carbon Economy Framework, valuing carbon as an economic resource rather than a pollutant.
5. Evaluation Criteria
Submissions will be assessed based on scalability, commercial viability, technological readiness, and fundraising success.
6. Recognition and Support for Winners
Winners will join the UpLink Innovation Ecosystem, share a cash award of up to CHF 300,000, and receive technical, business, and operational support to scale their ideas.