The Net Zero Producers Forum, encompassing Qatar, the United States (U.S.), the United Arab Emirates (UAE), Saudi Arabia, Canada, and Norway, which collectively represent 40% of global oil and gas production, has set in motion a new working group in a bid to explore and step up technologies and methodologies for the utilization and storage of carbon dioxide on the road to a sustainable and circular carbon economy.
The second ministerial meeting of the Net-Zero Producers Forum, which was held in Riyadh, Saudi Arabia, not only focused on efforts to accelerate – what is said to be – a fair and realistic energy transition for a sustainable and secure energy future but also emphasized the importance of carbon management and the abatement of methane emissions, as an important tool in the global struggle towards addressing climate change and slashing greenhouse gas (GHG) emissions.
One of the highlights of the meeting was the launch of the Working Group on Carbon Utilization and Storage , which will focus on advancing and promoting cutting-edge technologies for the utilization and storage of carbon dioxide to support emission cuts and create value-added products to contribute to a sustainable and circular carbon economy while recognizing the role of non-combustion uses of hydrocarbons in energy transition and reaching net zero.
Furthermore, the ministers from six countries, spanning three continents, welcomed the outcomes of the 28th UN Climate Change Conference (COP28) in Dubai, the global efforts to get rid of methane emissions, such as the Global Methane Pledge and the Zero Routine Flaring Initiative (ZRF), along with the work member countries are undertaking in carbon management and methane emissions abatement. These efforts are perceived to play a key role in addressing climate change and tackling GHG emissions.
Established in April 2021, the Net-Zero Producers Forum aims to help reduce emissions and create value-added products while developing and deploying clean-energy and carbon capture and storage (CCS) technologies. All six member countries are still actively pursuing fossil fuels, as they are convinced that the security of the global energy mix hinges on a balancing act between ensuring the security of supply and employing sustainability measures.
On the sidelines of the ministerial meeting in Riyadh, Jennifer Granholm , U.S. Secretary of Energy, and Saad Sherida Al-Kaabi , Qatar’s Minister of State for Energy Affairs and President and CEO of QatarEnergy, discussed the ties that bind Qatar and the U.S. in the field of energy and means to enhance them.
This content is available after accepting the cookies.
H.E. Minister Saad Sherida Al-Kaabi meets the U.S. Energy Secretary #Qatar pic.twitter.com/wvZCO5TIeu
With the belief that oil, gas, and LNG will still be needed for many years firmly entrenched in his mind, Al-Kaabi recently confirmed plans to up the LNG production ante to 142 million tons per annum.
Qatar’s energy giant is also pursuing the development of the North Field West (NFW) project, which is expected to scale up the country’s LNG production capacity by nearly 85% by 2030.