Highlights
25% reduction in carbon intensity by 2030
10m tonnes of CCS (carbon capture capacity) by 2030. This equals removing 2 million fossil-fuel cars off the road
Dh12b to connect ADNOC offshore operations to the grid, reducing 50% of its offshore carbon footprint
In a groundbreaking move, the Abu Dhabi National Oil Company (ADNOC) has announced the goal of reinvesting Dh178b into the UAE economy. This includes a substantial investment in decarbonization initiatives, raising the commitment from Dh55b in five years to Dh84b in five years.
The meeting of the board of directors was presided over by His Highness Sheikh Mohammed bin Zayed Al Nahyan, the President of the UAE, who is also the chairman of the ADNOC board.
These goals of ADNOC mark a significant shift in the energy sector’s approach to environmental concerns, and a commitment to a more sustainable future, reinforcing its position as a global energy leader.
ADNOC’s investment will be channeled into various innovative projects aimed at reducing carbon emissions and enhancing energy efficiency across its operations. These projects include the development of carbon capture and storage (CCS) technologies, renewable energy integration, and the implementation of advanced emissions-reduction systems in its facilities.
The company’s foray into CCS technology is particularly noteworthy, positioning it at the forefront of combating climate change. This technology involves capturing carbon dioxide emissions from industrial processes and either reusing or storing it underground to prevent it from entering the atmosphere. ADNOC plans to expand its existing CCS facilities, which are already among the largest in the region, thereby significantly reducing its carbon footprint.
In addition to CCS, ADNOC is investing in renewable energy sources to power its operations, further decreasing its reliance on traditional fossil fuels. The integration of solar and wind energy into its energy mix is a sustainable choice and also aligns with the broader goals of the United Arab Emirates (UAE) to diversify its energy sources.
Furthermore, ADNOC’s investment will enhance research and development in green technologies, echoing the company’s belief in innovation as a key driver for sustainable progress. Collaborations with global experts and institutions are expected to accelerate the development of new technologies that could revolutionize the energy sector.
This investment is a part of ADNOC’s broader strategy to align with the UAE’s ‘Net Zero by 2050 Strategic Initiative‘, a national drive to achieve net-zero carbon emissions by 2050. By committing to decarbonization, ADNOC is not only contributing to this national goal but also setting an example for oil and gas companies worldwide.
Industry analysts view ADNOC’s move as a significant step towards a more environmentally conscious energy sector. It reflects a growing recognition within the industry of the need to balance economic growth with environmental stewardship.
