Circular Energy: The Path to a Resilient and Sustainable Future (Riyadh Valley Company)

Summary

• In 2023 the United States committed $2.9 billion to carbon capture and direct air capture projects, and the EU contributed more than $2 billion to carbon dioxide transport and storage.p.6
• About 70% of waste worldwide is still managed improperly and disposed of without treatment.p.7
• Solar PV waste is expected to reach 27 million tonnes per year by 2040, making recycling essential.p.8
• In 2024 China installed a record 329 GW of solar capacity, equal to 55% of global additions.p.9
• Saudi Aramco awarded L&T a $1.5 billion EPC contract for phase one of the Jubail carbon capture and storage hub.p.14
• The Saudi waste management market is expected to grow at a CAGR of 7.85% over 2025–2030, reaching $37.7 billion.p.15
• The UAE rose to rank 22 in the 2024 Circular Carbon Economy Index.p.12

Key insights

1. The Netherlands and Denmark invested $7.3 billion and $1.2 billion respectively in carbon capture projects.p.6
2. Japan launched seven large-scale projects targeting capture of 13 million tonnes of carbon dioxide annually by 2030.p.6
3. In OECD countries 39% of solid waste goes to landfill; the United States landfills 52% of its waste versus 24% in Europe.p.7
4. Global solar capacity additions reached 597 GW in 2024.p.9
5. Countries representing more than 70% of global energy consumption introduced new or improved energy efficiency regulations.p.9
6. Bahrain's national renewable energy action plan targets 710 MW of renewable capacity by 2035, backed by $1.8 billion of investment.p.13
7. Saudi Arabia positions carbon capture, utilization and storage as a cornerstone of its strategy to reach net zero by 2060.p.14
8. Saudi Arabia generates about 15 million tonnes of municipal solid waste per year, and recycling does not exceed 15%.p.15
9. Saudi Industrial Development Fund concessional loans can finance up to 75% of project cost.p.15