ADNOC Expands With Low Carbon, International Growth Vertical
Abu Dhabi National Oil Company (ADNOC) is accelerating the operationalization of its board-mandated low-carbon growth strategy, by establishing a new Low Carbon Solutions and International Growth vertical.
These will focus on renewable energy, clean hydrogen, and carbon capture and storage, as well as international expansion in gas, LNG, and chemicals. Musabbeh Al Kaabi has been appointed Executive Director of the new vertical with effect from January 16, 2023.
The creation of the Low Carbon Solutions & International Growth vertical builds on the company’s successful track record in responsibly and sustainably supplying energy to the world. It will play an important role in advancing the company’s ongoing transformation, which has included a steadfast focus on the decarbonization of its operations, energy efficiency and operational excellence, reductions in methane emissions, advancing CCUS to cut CO2 emissions, and the use of renewable and other zero-carbon energy sources.
“The Low Carbon Solutions & International Growth vertical will accelerate delivery of our decarbonization roadmap and advance our Net Zero by 2050 ambition. As the UAE prepares to host COP28 next year, we will continue to focus on practical and positive solutions that drive progress for the climate and the economy.”
“With the direction and support of our nation’s wise leadership and the ADNOC Board, ADNOC is embarking on a new and exciting period of accelerated growth, with a determined focus on sustainability that will help future-proof our business for decades to come,” Ahmed Al Jaber, ADNOC Managing Director and Group CEO, said.
Since its inception, ADNOC has been focused on sustainability, including eliminating routine flaring of natural gas across its operations. Its investments in the early 1980s to gather and process flared gas have been instrumental in mitigating the negative environmental impacts associated with flaring. The company recently set a new upstream methane intensity target of 0.15% by 2025, which is the lowest in the Middle East and plans to continue to reduce methane emissions using flare gas recovery systems and regular leak detection and repair programs.
As part of its commitment to cutting emissions, ADNOC is building on the success of the region’s first CCUS facility, to increase its CO2 capture capacity by over 500%, to approximately 5 million tons per year by 2030. This will be achieved by capturing additional CO2 from its gas processing plants and other sources of CO2 emissions. Meanwhile, in collaboration with industry partners, academia, and research institutes, ADNOC is exploring opportunities to advance CCUS technology development and deployment, while driving down its costs.
As part of its decarbonization roadmap, beginning in January 2022, ADNOC was the first hydrocarbon company to source 100% of its grid energy from clean nuclear and solar power. And, it is expanding its use of clean grid power offshore, by building a $3.6 billion, first-of-its-kind, sub-sea transmission network in the Middle East and North Africa region. Once completed, it will connect ADNOC’s offshore operations to the UAE’s electricity grid, supplying power from nuclear and solar energy to replace existing gas turbine generators and significantly reduce ADNOC’s offshore greenhouse gas emissions by more than 30%.
Protection of the UAE’s natural heritage for future generations, through sustainable biodiversity, water, and waste management, continues to be a priority for ADNOC. It is committed to keeping freshwater consumption below 0.5% of total water use and increasing the mangrove population by planting 10 million mangroves seedlings, by 2030, to capture CO2 and GHG, protect Abu Dhabi’s shorelines from coastal erosion, and provide a safe habitat for marine life.
And, with an eye on the future, ADNOC is accelerating its investments in renewable energy solutions. Together with TAQA and Mubadala Investment Company, it has formed a partnership, with the Abu Dhabi Future Energy Company, which targets well over 100GW of renewable energy by 2030. The expanded Masdar entity will become one of the largest clean energy companies of its kind in the world, as it grows its world-class portfolio of renewable energy and green hydrogen projects.
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