The circular carbon economy has gained attention across the Middle East and beyond since the G20 endorsed the concept in 2020. The concept involves considerations around the efficient use of natural resources and a non-binary approach to technological deployment and policymaking to reduce GHG emissions and minimize climate change impacts while still promoting economic growth and prosperity globally and across developing regions.

To achieve sustainability through the circular economy, a mix of policies and measures will be needed that incentivize shifts in industrial practices, technological deployment at scale as well as consumer behaviour. Carbon pricing policies, including carbon markets, can provide such an impetus if included in the policy toolbox. The adoption of Article 6 at COP26 has already incentivized the markets. The MENA region is well-positioned to explore market measures as part of their climate change strategies as embodied in their NDCs to promote and deploy new and emerging technologies to manage emissions while still consuming fossil fuels in the foreseeable future. Some experts note a multibillion-dollar untapped market opportunity in the region to benefit from carbon pricing policies and measures, which can be partially delivered by carbon capture storage and utilization, renewable energy, and low carbon hydrogen mega projects deployed in the region.

This MENA Climate Week Side event will discuss the role and potential of carbon pricing policies and measures in the circular economy toolbox to drive decarbonization at scale. It will showcase examples of leadership in the region, existing and future opportunities, and challenges that may arise in the face of decarbonization efforts in the context of the circular carbon economy and climate measures and its long-term effects on economic and social development

Opening Remarks

• Issam Abousleiman, Regional Director for the GCC, World Bank

Panel Discussion

Part 1: Stage Setting & Carbon management in the context of the MENA

Stage setting: the circular carbon economy /Definition and framing - by AEON Collective

Part 2: The role and potential of carbon pricing, in particular carbon markets, to contribute to driving the circular carbon economy & net zero commitment in the MENA region?

Part 3: The social economic and geopolitical conditions needed to realize a circular carbon economy and regional market? Energy transition pathways for MENA countries

Speakers 

• Princess Noura Al Saud, Co-Founder, AEON Collective (moderator)

• Princess Mashael Alshalan, Co-Founder, AEON Collective (moderator)

• Prof. Jos Delbeke, EIB Climate Chair at School of Transnational Governance 

• Dr. Christof Rühl, Senior Research Scholar, Center on Global Energy Policy, Columbia University 

• Radia Sedaoui, Chief of Energy Section, UNESCWA

• Tanzeed Alam, EU-GCC Clean Energy Technology Network