ADNOC brings forward net-zero goals to 2045
Published on: Aug 1, 2023
The company is doubling down on decarbonization thanks to a $100 billion agreement between the UAE and the US to accelerate Clean Energy development.
ADNOC has announced the acceleration of its decarbonization efforts to reach its net zero ambition by 2045. The company has brought forward the target year after partnering with Occidental to push both’s decarbonization efforts.
This new collaboration builds upon the United Arab Emirates (UAE) and United States strategic collaboration for Accelerating Clean Energy (PACE), launched in November 2022. This agreement is expected to catalyze $100 billion in clean energy and carbon management projects by 2035.
“This agreement highlights how the UAE-US Partnership for Accelerating Clean Energy is driving innovative climate technologies to decarbonize the energy sector. The need to significantly reduce carbon emissions to address climate change is clear and urgent and carbon capture is an important technology that can be scaled up to decarbonize across all industries,” said Musabbeh Al Kaabi, Executive Director of Low Carbon Solutions and International Growth at ADNOC.
The companies will also assess the joint development of one or more carbon management hubs in the UAE. The hubs would be able to offer carbon capture services and provide the necessary infrastructure to safely transport CO2 from the UAE’s carbon-intensive and hard-to-abate sectors and permanently store it in Abu Dhabi’s geological formations.
