Circular carbon economy gets a green light

Saudi Arabia’s circular carbon economy (CCE) approach to managing global greenhouse gases was endorsed by the world’s major economies at last weekend’s G20 head of states summit, hosted virtually by the Saudi G20 presidency. 

At the conclusion of the two-day meeting, held Nov. 21-22, 2020, the G20 leaders issued a declaration endorsing the CCE approach as a holistic approach to the global fight against climate change.

“We endorse the Circular Carbon Economy (CCE) Platform, with its 4Rs framework (Reduce, Reuse, Recycle, and Remove), recognizing the key importance and ambition of reducing emissions, taking into account system efficiency and national circumstances,” said the declaration. 

“The CCE is a voluntary, holistic, integrated, inclusive, pragmatic, and complementary approach to promote economic growth while enhancing environmental stewardship through managing emissions in all sectors, including, but not limited to, energy, industry, mobility, and food,” they added. 

The “Guide to the Circular Carbon Economy,” written by Saudi Arabia in partnership with international organizations, was acknowledged by the G20 leaders as highlighting various voluntary opportunities and their acceleration.

“We also acknowledge the importance of fostering synergies between adaptation and mitigation, including through nature-based solutions and ecosystem-based approaches,” the G20 leaders said.

Moving the needle on climate fight

Describing as remarkable the Kingdom’s presidency of the G20 under the leadership of The Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud and His Royal Highness Prince Mohammed bin Salman Abdulaziz Al Saud in the midst of the COVID-19 pandemic, Saudi Aramco president and CEO Amin Nasser said Saudi Arabia brought together global stakeholders for the pressing global challenge of climate change.

“The circular carbon economy has been a priority during the Kingdom’s presidency of the G20,” said Nasser.

Aramco can make a significant contribution as we work to do our part and move the needle on tackling climate change.
— Amin Nasser

Circular carbon economy

CCE is an energy strategy inspired by how our planet’s circle of life works — nature’s balanced and ongoing system of taking and giving back to the Earth. 

The strategy advocates achieving deep greenhouse gas emissions reductions across the entire economy, including in hard-to-abate sectors such as heavy-duty transport, aviation, cement, iron, and steel.

Instead of using and disposing of materials, the CCE moves to a more circular model through the reduction, reuse, recycling, and removal of carbon dioxide, and other greenhouse gas emissions.

CCE adopts the “four Rs” concept — reduce, reuse, recycle, and remove.

Saudi Arabia and the G20

Saudi Arabia officially took on the G20 Presidency in December 2019, and its several diverse workstreams representing different segments of society.

Aramco supported the Kingdom’s G20 presidency through various initiatives such as the B20 representing the business community, the Y20 representing the youth segment, and the W20 promoting diversity and women’s development.

Countries in the G20 command about 85% of the world’s economic output, two-thirds of global population, and three-quarters of international trade.

Saudi Arabia handed its G20 presidency to Italy.

Visit www.g20.org for further information about the G20.