Morgan Stanley partners with Climeworks to remove CO₂
We will permanently remove 40,000 tons of CO₂ from the air for Morgan Stanley. The partnership lasts until 2037 and represents Climeworks' second-largest contract to date.
Key take-aways:
KAPSARC and Climeworks set to jointly explore Direct Air Capture technologies in Saudi Arabia.
This partnership, rooted in the Kingdom’s Vision 2030 and Circular Carbon Economy framework, seeks to develop innovative carbon removal solutions that leverage Saudi Arabia’s unique resources, strengthen its climate leadership, and advance its decarbonization efforts.
Riyadh, December 4 - King Abdullah Petroleum Studies and Research Center (KAPSARC) and Climeworks, a global leader in carbon dioxide removal technology, have signed a Memorandum of Understanding (MoU) to jointly explore and advance Direct Air Capture (DAC) technologies within Saudi Arabia.
This strategic partnership, conducted under the guidance of His Royal Highness Prince Abdulaziz bin Salman Alsaud, Minister of Energy and Chairman of the Board of Trustees at KAPSARC, was signed during the 4th edition of the Saudi Green Initiative (SGI) Forum on December 3, held under the patronage of His Royal Highness Mohammed bin Salman, Crown Prince and Prime Minister.
The MoU outlines a roadmap to assess the deployment of new DAC systems in the Kingdom, focusing on availability of natural resources including subsurface CO₂ storage. Additionally, the initiative examines DAC’s economic and environmental impacts while fostering local workforce development, supporting the Kingdom’s broader sustainability goals and aligning with the Circular Carbon Economy (CCE) framework.
KAPSARC’s Vice President of Knowledge & Analysis, Axel Pierru, emphasized the importance of this initiative, stating, “This collaboration marks a significant step in exploring innovative carbon removal solutions tailored to Saudi Arabia’s unique context and large geological CO₂ storage capacity. Our research shows the key role that the development of DAC in the Kingdom will potentially play in achieving a net-zero energy system, both domestically and globally.”
Christoph Gebald, co-founder and co-CEO of Climeworks
Saudi Arabia is an ideal location for Direct Air Capture technology, thanks to its abundant low-carbon energy resources, underground CO₂ storage potential, and forward-thinking policies that support innovative climate solutions.
This collaboration is poised to deliver actionable insights for implementing scalable carbon removal solutions in Saudi Arabia. The findings will inform the next steps toward realizing a full-scale DAC facility, advancing the Kingdom’s sustainability goals under Vision 2030 and contributing to global decarbonization efforts.
About KAPSARC
The King Abdullah Petroleum Studies and Research Center (KAPSARC) is an advisory think tank dedicated to advancing knowledge on energy, environment, and regional economic issues. As an accredited observer of the United Nations Framework Convention on Climate Change (UNFCCC), and the United Nations Environmental Programme (UNEP), KAPSARC actively contributes to the global climate and environmental dialogue. The mission of KAPSARC is to advance Saudi Arabia's energy sector and inform global policies through evidence-based advice and applied research.
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