The downstream hydrocarbon industry in the Arabian Gulf plays a critical role -in achieving zero goals, according to speakers at the second edition of the Gulf Petrochemicals & Chemicals Association (GPCA) Leaders Forum held in Dubai on Wednesday.
Delivering the Inaugural address at the Forum, Yousef al Benyan, Chairman, GPCA and Vice Chairman and CEO, SABIC, stated that the long journey of carbon neutrality begins with a few steps which include creating a baseline, setting emission reduction targets, and establishing strong governance.
He also highlighted the role of policymakers in shaping the pathway for hydrogen and facilitating international co-operation and collaboration. Achieving net-zero goals will require complete transformation of businesses, supported by policy makers, investors, companies and consumers.
Following Al Benyan’s address, a session on “The Future of the Oil Market under Carbon Neutrality Policies” was delivered by Dr Anas al Hajji, Managing Partner of Energy Outlook Advisors and Editorial Advisor for Attaqa.net.
Dr Al Hajji shared his insights on the shortcomings in current long-term forecasts of the oil market, discussed the true impact of renewable energy on the oil market and touched upon the key areas the petrochemical industry can benefit from. He also delved on the impact of the regional and global carbon neutrality policies and its implications on the petrochemical industry.
The session also emphasised on the growing interest in sustainable hydrogen (blue and green hydrogen and ammonia) in the GCC and globally and how this will help reach their greenhouse gas emissions targets
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