It called on global technology and energy sector leaders to work through qualitative partnerships
ADNOC allocates 55 billion dirhams to invest in clean energy and carbon capture
ADNOC seeks to accelerate the implementation of its low-carbon growth strategy.
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The Abu Dhabi National Oil Company (ADNOC) announced yesterday an ambitious new strategy to advance progress in efforts to reduce the emissions of its operations worldwide.
And the company stated in a statement that the announcement of this plan comes in line with the directive of the ADNOC Board of Directors in November 2022 to accelerate the implementation of its strategy for low-carbon growth, and to adopt its plan to achieve climate neutrality by 2050.
55 billion dirhams
ADNOC stated that, and in implementation of the directives of the company's board of directors, it has allocated 55 billion dirhams ($15 billion) to develop a group of projects across the value chain of its various operations by 2030.
These projects will include implementing investments in clean electric energy, carbon capture and storage, increasing reliance on electricity to operate its operations, improving energy efficiency, and developing new measures that enhance the company's efforts in the field of reducing gas flaring.
ADNOC will also conduct a careful evaluation of each project that focuses on the commercial aspect and sustainability, to ensure that it achieves a tangible and lasting impact.
Projects and initiatives
ADNOC confirmed that, throughout 2023, it will announce a set of new projects and initiatives, including the development of a new carbon capture and storage (CCS) project, innovative carbon removal technologies, investment in clean energy solutions, and strengthening international partnerships.
And she pointed out that, in addition to the recent establishment of a new sector for low-carbon solutions and international growth, these combined steps represent concrete and effective measures within ADNOC's efforts to reduce emissions intensity by 25% by 2030, and its approach to achieving its goal of achieving climate neutrality by 2050. .
quality steps
Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology, Managing Director and CEO of ADNOC and its group of companies, said: “In implementation of the leadership’s directives to establish the UAE’s position as a responsible energy provider, and as part of ADNOC’s efforts to accelerate the implementation of its plans approved by its board of directors, the The company continues to take qualitative and effective steps to provide low-emission energy, by investing in clean energy sources and future new technologies.
Al-Jaber explained that keeping pace with the transition in the energy sector requires the adoption of a responsible methodology by the countries of the world, in a way that stimulates economic growth while ensuring the preservation of the environment, at a time when ADNOC is working to implement practical and concrete measures to achieve this goal.
Al-Jaber continued, "In an effort to consolidate its strong record in responsible and reliable energy production, (ADNOC) will accelerate the implementation of huge investments in large projects in the areas of clean energy, low-carbon solutions, and technologies to reduce emissions."
He said that the company calls on leaders of technology and the energy sector to cooperate with it, and to take practical and concrete measures that contribute to achieving a realistic, practical and logical transition in the energy sector, stressing that this ambitious strategic plan will contribute to consolidating ADNOC's leadership in the energy sector, and strengthening its position as a leading global provider of low energy. carbon.
Carbon capture
And based on the capabilities of the “Al-Riyada” facility owned by ADNOC, which can capture up to 800,000 tons of carbon dioxide annually, the company will announce plans to expand the use of carbon capture, storage and absorption technologies by taking advantage of the geological characteristics of the UAE, in The time when the company is preparing to implement its next major investment in capturing carbon emissions from the Habshan gas processing facility.
ADNOC plans to expand its carbon dioxide capture capabilities to reach five million tons annually by 2030, which will contribute to establishing the UAE's position as a global center of expertise and innovation in carbon capture technologies.
clean energy for ADNOC
Since January 2022, ADNOC has obtained 100% of its electricity network needs from clean solar and nuclear energy sources for the Emirates Water and Electricity Company, to become the first company in the energy sector to secure the needs of its operations from zero-emission electricity through a clean energy agreement. .
ADNOC also completed a project financing deal at a cost of 14 billion dirhams ($ 3.8 billion) to establish an undersea electricity transmission network, linking ADNOC’s offshore fields to the onshore electricity network, with the possibility of reducing the carbon footprint of ADNOC’s marine operations by up to 50 percent. %.
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