ADNOC to set up low carbon solutions biz
Abu Dhabi National Oil Company (ADNOC) is establishing a new low-carbon solutions business that will focus on renewable energy, clean hydrogen and carbon capture and storage, gas, LNG and chemicals, it said on December 6.
ADNOC said the business will play a role in advancing the company’s ongoing transformation, which includes decarbonisation 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 decarbonisation roadmap and advance our net zero by 2050 ambition,” ADNOC CEO Sultan Ahmed Al Jaber said. “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.”
As part of its commitment to cutting emissions, ADNOC is planning to increase its CO2 capture capacity by over 500%, to approximately 5mn metric tons/year by 2030.
ADNOC said it has taken steps to implement a variety of energy efficiency projects to target both energy supply and demand. These include the introduction of waste heat recovery, installation of more energy-efficient equipment, electrification, optimised operational solutions, and improved combustion efficiencies, it added.
ADNOC is also accelerating its investments in renewable energy solutions. Together with the Abu Dhabi National Energy Company (TAQA) and Mubadala Investment Company, it has formed a partnership, under the Abu Dhabi Future Energy Company (Masdar) brand, which targets well over 100GW of renewable energy by 2030.