RIYADH: Saudi Arabia ranks among the top 20 countries in the 2023 Circular Carbon Economy Index, with most countries improving their index scores from the previous year, but the substantial gap remains between the top and the bottom. 

During COP28, the King Abdullah Petroleum Studies and Research Center in Riyadh officially unveiled the Index, covering 64 nations and representing 90 percent of global economic activity. It offers a comprehensive evaluation of global progress toward achieving net-zero emissions and readiness for the circular carbon economy. 

Norway claimed the lead in the global pursuit of sustainability, securing the top position in the CCE Index. Following closely were the UK, the Netherlands, Canada, and Germany, emphasizing their commitment to environmental responsibility. 

Fatih Yilmaz, climate expert at KAPSARC, said: “We observe a growing interest among countries to expand the utilization of critical technologies such as carbon capture and storage and hydrogen, which brings stronger flexibility to their net-zero planning.”  

However, on the downside, he stressed that gaps in access to sustainable finance and clean technologies continue to grow that can impede the efforts for an orderly transition. 

The 2023 rankings highlight the success of leading nations in deploying various circular carbon economy technologies, ranging from those preventing carbon dioxide emissions, such as renewable and nuclear energy. 

Additionally, these nations are adopting newer technologies like clean hydrogen and carbon capture, utilization, and storage. 

These countries also demonstrate robust enablers, including policies, technology, funding, and business environments, setting high standards for global best practices, according to a press release. 

Conversely, KAPSARC noted that countries at the bottom of the rankings, including Ethiopia, Uganda, Tanzania, Nigeria, and Cameroon, face barriers hindering access to and utilization of clean technologies.  

These developing and lower-income nations grapple with financial constraints and technological disparities, underscoring the need for urgent global collaboration to bridge these gaps. 

According to KAPSARC’s website, the CCE Index comprises two crucial sub-indices: CCE Performance and CCE Enablers.  

Each nation receives assessments on a 0 to 100 scale for both sub-indices, with scores aggregated to determine the Total CCE Index score.  

This comprehensive score measures a country’s effectiveness in navigating the transition to a circular carbon economy, considering both current performance and potential for future progress.  

Meanwhile, the CCE Enablers score assesses readiness to unlock CCE potential, considering factors such as policy, technology, finance, and the business environment.