GPCA Forum to host exclusive GCC energy ministers panel
Riyadh, Saudi Arabia – The Gulf Petrochemicals and Chemicals Association (GPCA), the voice of the chemical industry in the Arabian Gulf, announced an exclusive ministerial panel featuring energy ministers from across the GCC, including Saudi Arabia, Bahrain and Qatar at the 16th Annual GPCA Forum taking
place for the first time in Riyadh, Saudi Arabia during December 6-8, 2022.
Saudi Energy Minister Prince Abdulaziz bin Salman al Saud, Dr. Mohamed bin Mubarak bin Daina, Minister of Oil and Environment and Special Envoy for Climate Affairs, Bahrain, and Saad bin Sherida al Kaabi, Minister of Energy of Qatar, will
share the stage on the opening day of the forum to address the panel’s topic 'Balancing net-zero ambitions in the energy sector
with growth – A policymaker’s balancing act'.
According to GPCA research, GCC chemical revenue in 2021 soared by 77.2 per cent, the highest level recorded since 2013 due to post-covid recovery that led to increasing demand and high chemical prices globally. At the same time, chemical revenue grew from Us$54bn in 2020 to Us$95.9bn year on year. Off the back of higher chemicals prices, GCC chemical
trade balance revenue almost doubled between 2020 and 2021 from Us$27bn to Us$53bn, with trade balance
volume also growing by 30 per cent, reaching 56.5mn tonnes.
While the industry remained buoyant over the last 18 months, it is currently off track to achieve
its ambitious net-zero targets by 2050. According to the Interna
tional Energy Agency, globally direct CO2 emissions from primary chemical production amounted to 925 metric tonnes in 2021, a 5 per cent increase with respect to the previous year. This is due to a production increase to levels above those in 2019.
In a press release, Dr Abdulwahab al-sadoun, Secretary General of GPCA, said, “If the in
dustry is to achieve its net- zero ambitions by 2050, it would
need to focus on growing its utilization of renewables, improving its energy efficiency, reducing its emissions, and capitalising on new markets for car
bon and other by-products as part of the circular economy. Regional producers alongside their regional and global value chain partners are taking concerted steps, committing new investments and accelerating their research and innovation efforts in line with their decarbonization efforts.”
“Both the public and private sector have a crucial role to play on the road to net-zero. GPCA is, therefore, pleased to host some of the region’s most prominent policymakers for an exclusive ministerial panel where forum delegates will have an opportunity to hear first-hand about our regional governments’ plans and initiatives enabling the transition.”
Hosted by SABIC, this year’s forum will be held under the theme ‘Chemistry in Action: Shaping a Sustainable Future.’
The Annual GPCA Forum will host the inaugural GPCA Symposium on December 7-8 under
the slogan 'Delivering our Plastics Circularity Ambitions' to
showcase the efforts of the plastic industry in enabling a more sustainable and circular future.