The minister outlined the four-step process—remove, reduce, re-use, and recycle—that forms the foundation of the circular carbon economy. In terms of "remove," he mentioned that Aramco, the Saudi Arabian Oil Co., and the Ministry of Energy have developed a carbon capture and storage hub that can hold up to nine million tonnes of carbon dioxide annually.
The minister emphasised that Aramco has shown that carbon can survive within the shift to net zero underground with the right expertise and technology. Alswaha noted that the Red Sea Project is one of the largest storage systems at 1.4 gigawatts per hour, and that it is also totally fueled by as much as 400 megawatts worth of solar energy. He also explained that geographical data was used to create a pixel-based map of the projects. Alswaha revealed that the Red Sea Project has a goal of preserving as much as 99 percent of the environment while producing no landfill garbage from tourism. Regarding the "recycle" issue, he disclosed that the Saudi chemical manufacturing business SABIC, in conjunction with the American technology giant Microsoft, has contributed to the fact that 20% of each Microsoft product is currently composed of recycled plastic from the ocean, powered by SABIC. The Saudi Ministry of Commerce and Investment and Aramco launched the $1 billion Prosperity7 Ventures fund in February. It is one of the largest climate technology funds in the world. The minister stressed that "we truly feel we are developing the correct models" through the Saudi Green Initiative and the Middle East Green Initiative in order to spur global consensus and collaboration.
