Ministry of Energy and Ministry of Economy and Planning announced the winners of the Carbon Capture and Utilization (CCU) Challenge, which was launched in collaboration with UpLink.
The announcement was made during the Saudi Green Initiative Forum, held in Riyadh on December 3-4, 2024, in the presence of His Royal Highness Prince Abdulaziz bin Salman bin Abdulaziz Al Saud, Minister of Energy, and His Excellency Faisal F. Alibrahim, Minister of Economy and Planning.
The challenge, focused on carbon capture and utilization (CCU) under the circular carbon economy (CCE) framework adopted by Saudi Arabia, seeks innovative solutions to accelerate the decarbonization process and enhance climate action, emphasizing the critical role of innovation and technology in combating climate change. This is accomplished by encouraging startups to deliver groundbreaking solutions for capturing and repurposing CO₂, either directly, without alteration, or through chemical transformation.
From 315 global submissions, 11 innovative startups were selected based on certain factors including scalability, commercial viability, technological readiness, and sustainability. The winning innovations also demonstrated the transformative role of carbon capture and utilization technologies in mitigating climate change and enhancing industrial sustainability.
The top five winners will each receive cash prizes as well as business support and increased global visibility. Additionally, they will have an opportunity to participate in a program facilitated by several initiative partners, offering market access, business advisory services, investment opportunities, and participation in global events.
The CCU Challenge was launched in April, 2024, during the World Economic Forum (WEF) Special Meeting in Riyadh. It was launched in July, 2024, in collaboration with UpLink platform. The Challenge is funded by the Ministry of Economy and Planning, led by the Ministry of Energy, and supported by leading ecosystem partners like SABIC and Saudi Aramco, King Abdulaziz City for Science and Technology (KACST), AEON Collective, Stanford University, and the University of Michigan.
