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ADNOC earmarks $15 billion for low-carbon solutions: Investing in a Sustainable Future

ADNOC invites global technology and industry leaders to work in partnership

by The Business Pinnacle
0 comment

ADNOC has received 100% of its grid power supply from Emirates Water and Electricity Company’s (EWEC) solar and nuclear energy resources

ADNOC, one of the world’s leading energy producers on Thursday announced a bold new approach to develop the large-scale decarbonization of its operations.The announcement observes the guidance by ADNOC’s Board of Directors in November 2022 to accelerate the delivery of its low-carbon growth strategy and the approval of its Net Zero by 2050 goal.

This builds on ADNOC’s solid record as a leading lower-carbon intensity energy producer, which comprises its use of zero-carbon grid power, a commitment to zero flaring as part of everyday operations, and deployment of the region’s first carbon capture project to an extent.

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Source:www.adnoc.ae

The multi-year action plan follows Board approval

In accordance with the Board’s guidance, ADNOC has allocated $15 billion (AED55 billion) to expand an assortment of projects across its branched-out value chain by 2030. These projects will consist of investments in clean power, carbon capture and storage (CCS), further electrification of its operations, energy efficiency, and new measures to build on the leading energy producers long-standing policy of zero routine gas flaring.

The company will operate a rigorous commercial and sustainability assessment to guarantee that each project provides an enduring tangible effect.

Strategic program

During 2023, a suite of new projects and initiatives will be announced, comprising a distinctive CCS project, innovative carbon removal technologies, investment in new, cleaner energy solutions, and bolstering of international partnerships. Together with the latest formation of the ADNOC’s new Low Carbon Solutions and International Growth Directorate, these symbolize tangible and concrete action as the firm lowers its carbon intensity by 25% by 2030 and moves towards its Net Zero by 2050 goal.

His Excellency Dr. Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology and ADNOC Managing Director and Group CEO said that the Under the directives of the UAE’s wise leadership and the company Board of Directors, the company continues to take significant steps to make today’s energy cleaner while investing in the clean energies and innovative technologies for the future.

Now, the world needs a pragmatic and responsible approach to the energy transition that is both pro-growth and pro-climate, and ADNOC is providing tangible actions in support of both these goals. Cementing our strong track record of responsible and reliable energy production, ADNOC will fast-track significant investments into landmark clean energy, low-carbon and decarbonization technology projects, Al Jaber said.

Embracing the energy transition

As the company continues to future-proof our business, we invite technology and industry leaders to partner with us, to collectively drive real and meaningful action that embraces the energy transition.

This strategic, multi-billion-dollar initiative underscores ADNOC’s industry leadership as a leading global provider of lower-carbon energy, he added.Building on ADNOC’s Al Reyadah facility, which has the capacity to capture up to 800,000 tonnes of CO2 per annum, the company will announce plans to deploy technologies to capture, store and absorb CO2 by leveraging the UAE’s geological properties while preparing for its following key investment to capture emissions from its Habshan gas processing centre.

By 2030, merged with ADNOC’s strategic expansion of its carbon capture capacity to 5 million tonnes per annum (mtpa), the UAE will be strongly recognized as a wide-reaching hub for carbon capture expertise and innovation.

ADNOC’s expansion of CCS is premeditated to support the significant increase of hydrogen and lower-carbon ammonia production capabilities in Abu Dhabi as ADNOC advances a global-scale 1 million tons per annum (mtpa) blue ammonia production facility at TA’ZIZ, the industrial services and logistics ecosystem that is aiding the expansion of the Al Ruways Industrial City, including Abu Dhabi’s wider chemicals, manufacturing, and industrial sectors.

Until now, ADNOC has already delivered test cargoes of low-carbon ammonia to Asia and Europe.ADNOC’s expansion of its new energy portfolio will predominantly be delivered through its stake in Masdar, the UAE’s clean energy powerhouse with more than 20 gigawatts (GW) of clean energy and proposes to increase its capacity to 100 GW by 2030.

Masdar is also leading the UAE’s need to create a leading position in green hydrogen.

Ever since January 2022, ADNOC has received 100% of its grid power supply from Emirates Water and Electricity Company’s (EWEC) solar and nuclear energy resources, making it the first key company in the business to decarbonize its power at magnitude all through a clean power pact of this nature.

The leading energy producers also achieved a $3.8 billion deal to set up a distinctive, sub-sea transmission network in the MENA region, connecting ADNOC’s offshore operations to the onshore power network, with the potential to lower the company’s offshore carbon footprint by up to 50 percent.

Building on the multi-billion capital investment in decarbonization projects, ADNOC is working closely with its international partners and stakeholders across the energy value chain to work together on technology, best practices, and policy to strengthen and operate global decarbonization efforts.

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