COP29 Carbon Management Ministerial Roundtable

Call to Action on Carbon Management: Collaborate to Accelerate

The annual Ministerial on Carbon Management at the United Nations Framework Convention on Climate Change (UNFCCC) Conference of the Parties (COP) is a pivotal event that elevates global ambition toward net-zero emissions. It brings together energy, environment, and foreign affairs ministers to collaborate on advancing carbon management strategies. Following the United Arab Emirates’ hosting at COP28, participants of the Carbon Management Challenge (CMC) and other interested countries are invited to join this important event.

The COP29 Carbon Management Ministerial Roundtable was held on 15 November 2024. The insights from participating countries underline the collective drive toward achieving net-zero emissions by 2050. The discussions highlight the crucial steps to scale carbon management globally by 2030 and identify critical areas for collaboration, technological advancement, financing, and policy development.

The roundtable discussions, alongside COP29 commitments, underscore the global urgency to scale carbon management technologies and strategies. It is clear that carbon management will play a pivotal role in meeting climate targets, but success depends on robust institutional frameworks, innovative financing, international collaboration, and technological advancements. By 2030, accelerated action in these areas will be critical in putting the world on track to achieve net-zero emissions by 2050.

The roundtable setting provides ministers with a platform to discuss pathways to achieve the 1 Gigatonne (Gt) by 2030 goal, in such a manner as to facilitate a focused exchange of views, information, and ideas. The guiding questions were as follows:

• What are the critical actions needed at the international level to advance a pipeline of carbon management projects by 2030?
• How can we address barriers in capacity building and climate finance in carbon management?
• What are the success stories for international collaboration that can be highlighted?

Summary of Country Remarks and Commitments:

The United Kingdom reaffirms its commitment to CCUS as a cost-effective solution for achieving net-zero emissions. The UK announced co-leading CMC Workstream 3 alongside Saudi Arabia. The UK is committed to supporting the global south and developing countries in deploying carbon management technologies and addressing the financial barriers they face. Key initiatives include the World Bank ESMAT program, designed to accelerate innovation in developing countries. The UK calls for nations to address regulatory barriers like permitting processes and collaborate on scaling CCUS technologies globally.

Canada is home to leading CCUS technology companies and is investing through the Canadian Growth Fund, focusing on CCUS, R&D, and carbon removal services. Canada calls for global knowledge-sharing, particularly with emerging economies like Brazil, Indonesia, and Kenya, and urges other nations to create strong policy frameworks and incentives for carbon management.

The United States welcomed the three key workstreams, offering continued support for the CMC, highlighting that we must also work on non-CO₂ emissions and halting deforestation. Carbon management in the US is government enabled and private-sector led, where the US emphasizes the need for CMC for clean energy, clean industry and to get to negative emissions. The US government has 220 new projects announced to date, with 200Mpta potential and calls for private sector-driven solutions supported by government incentives such as the 45Q tax credit.

Romania has established a CCUS task force under its green transition partnership to advance national legislation and enable the first CCUS projects. Romania invites countries to join the CMC aims to integrate CCUS into its national climate strategies.

Sweden is investing $3.3 billion in bioCCS and CCUS technol ogies, with the government opening its first auction for the technology. Sweden calls for international collaboration, robust CO₂ storage guidelines, and monitoring systems. The country aims to scale up bioCCS in its energy and forest sectors, which are responsible for 50% of emissions.

Saudi Arabia is committed to building a CCS hub by 2035, capturing 44 million tonnes of CO₂ annually. The country is focused on advancing this goal through the Strategic Engagement and Communication Workstream and calls for global cooperation and knowledge-sharing to scale carbon management technologies and meet global climate targets.

Japan is developing legal frameworks and business models to accelerate CCUS, with 9 advanced CCUS projects already underway. The country is making progress in securing CO₂ storage sites in East Asia and urges other countries to join in advancing sustainable CO₂ storage solutions and building a robust CO₂ value chain.

Italy is leveraging its depleted gas fields to scale CCS and is advocating for regional cooperation in Europe to create a common carbon market. The country calls for industry hubs and cross-border collaboration to accelerate the deployment of CCUS technologies, in line with its National Energy and Climate Plan to reduce 20-30 million tonnes of CO₂ annually by 2050.

Kenya is revising its Climate Change Act to recognize carbon removal and developing regulations to support carbon management technologies. The country emphasizes the need for regulatory alignment and capacity-building efforts to enable the scaling of carbon management solutions, particularly in developing nations.

Bahrain advocates for a unified global carbon regulation framework to accelerate the deployment of carbon management technologies. The country stresses the importance of aligning carbon regulation policies to streamline efforts and speed up global carbon management implementation.

The Netherlands is scaling CCUS deployment through projects like the Porthos project, which utilizes depleted offshore fields for carbon storage. The country calls for further international collaboration to replicate successful initiatives and deploy CCUS at scale.

Greece is focused on stronger policy frameworks for carbon pricing, CO₂ transport, and storage. The country emphasizes the need for clear and predictable regulations to reduce uncertainty and drive transformative change in carbon management, particularly for industries with high emissions.

Poland advocates for carbon management technologies to address sectors that are difficult to decarbonize, including heavy industry. The country calls for economic incentives and carbon pricing mechanisms to foster innovation and support industries in becoming climate-neutral.

The United Arab Emirates have decade-long experience with the Al Reyadah project, and the country aims to capture 5 million tonnes of CO₂ annually by 2030. The UAE leverages its position as a global financial hub to mobilize capital for scaling up carbon management technologies and urges global financial systems to accelerate carbon management implementation.

Brazil is leading Workstream 2 to scale carbon management globally and calls for countries to join the CMC. Brazil also recently approved a carbon market law, which will help stimulate trading of carbon credits and finance carbon management technologies, accelerating efforts to meet international climate goals.

Notes from the Chair – Dr. Arunabha Ghosh, CEO of the Council on Energy, Environment, and Water, India

• Institutional Architecture: Dr. Ghosh reiterated the importance of strong national visions, task forces, and legislation to guide the development and implementation of CM strategies.
• Market Design: He emphasized the need to develop transportation and storage solutions that are integrated into both regional and international carbon markets.
• Financial Innovation: He called for subsidies, carbon pricing mechanisms, and other funding models to de-risk investments in CM technologies, ensuring that public sector incentives are aligned with long-term sustainability goals.
• Collaboration Platforms: Dr. Ghosh highlighted the crucial role of global collaboration platforms for research and development (R&D), deployment of technologies, and sharing knowledge across borders. Harmonization of regulatory frameworks and monitoring systems are vital to ensuring effective and scalable carbon management.
  

Attendees:

Azerbaijan, His Excellency  Kamal Abbasov – Deputy Minister of Energy

United Kingdom, Her Excellency Kerry McCarthy, Minister for Climate

Canada, Her Excellency Catherine Stewart, Ambassador for Climate Change 

Sweden, His Excellency Daniel Westlén, State Secretary of the Ministry of Climate and Enterprise

Bahrain, His Excellency Mohamed Bin Mubarak Bin Daina, Minister of Oil and Environment

Netherlands, His Excellency Frederik Wisselink, Energy Envoy

United States, His Excellency Rick Duke, Deputy Climate Envoy

Greece, Her Excellency Alexandra Sdoukou, Deputy Minister of Environment and Energy

Saudi Arabia, His Excellency Khalid Almehaid, Deputy Minister for Sustainability & Climate Change, Minister of Energy

Japan, His Excellency Takahiro TAJIRI, Deputy Director-General for Green Transformation Policy, Ministry of Economy, Trade and Industry

Romania, Alina Jalea, State Counselor in the Romanian Prime Minister’s Chancellery

Brazil, Mariana de Assis Especie, Director of Energy Transition, Minister of Mines and Energy

Kenya, Peter Maneno, Technical Officer, Ministry of Energy and Petroleum

Iceland, Stefan Gudmundsson, Permanent Secretary; Helga Barðadóttir, Deputy Director, Ministry for the Environment and Natural Resources

Germany, Malte Bornkamm, Head of Division, Federal Ministry for Economic Affairs and Climate Action

Italy, Alessio Cipullo, Minister’s Expert for Energy, Ministry of the Environment and Energy Security

Poland, Paweł Różycki, Deputy Director, Ministry of Climate and Environment

Bulgaria, Apostol Dyankov; Svetlana Zhekova, Ministry of Environment and Water

China (Agenda 21) Qizhen Chen, Deputy Director General; Xian Zhang, Director, The Administrative Center for China’s Agenda 21

Colombia

Georgia

Chair: Dr. Arunabha Ghosh, Council on Energy Environment and Water, India