Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi, and chairman of the Abu Dhabi Executive Council, on Thursday reviewed the progress of Adnoc’s carbon management strategy and its ambition to double its carbon-capture capacity to 10 million tonnes of carbon dioxide a year by 2030.
He commended the progress Adnoc has made this year in delivering tangible actions towards its accelerated net-zero-by-2045 plan, while chairing the meeting of the executive committee of Adnoc's board of directors, the Abu Dhabi Media Office said.
This includes the use of solar and nuclear energy to power operations, scaling up carbon-capture capacity, driving down methane emissions and investing in renewable energy and hydrogen as a shareholder in Masdar.
While directing the company to explore further opportunities for international growth, Sheikh Khaled highlighted Adnoc’s role as a catalyst for responsible growth and diversification of the UAE’s economy, the media office said in a statement.
He also gave directives to ensure sustainability remains central to the state oil company’s strategy to future proof its business while driving growth across its value chain.
Adnoc, responsible for most of the UAE’s oil and gas output, has been investing heavily in the production of natural gas and hydrogen as the Arab country looks to reach net-zero emissions by 2050.
The state-owned energy company has allocated $15 billion to invest in a range of projects by 2030, which will help it accelerate its low-carbon growth strategy.
Earlier this month, Adnoc announced one of the largest carbon capture projects in the Mena region. It will trap 1.5 million tonnes per year of climate-heating carbon dioxide from the Habshan gas processing plant, and store it safely and permanently underground.
Carbon capture, utilisation and storage (CCUS) involves the trapping of carbon dioxide emissions from industrial activities such as steel and cement production, as well as from fossil fuel combustion in power generation.
Subsequently, the captured carbon is transported either by ship or through pipelines and securely stored in subterranean geological formations.
During Thursday's meeting, Sheikh Khaled was briefed on the progress of Adnoc's Decarbonisation Technology Challenge, a $1 million global competition for companies that specialise in energy transition technology innovation that was launched in May this year.
Launched at the UAE Climate Tech Forum in Abu Dhabi, the challenge brought together 1,500 technology leaders and pioneers in climate technology in the emirate.
It also attracted 650 applications from global companies for the opportunity to pilot decarbonisation technology in Adnoc's operations, the statement said.
The meeting was attended by Dr Sultan Al Jaber, Minister of Industry and Advanced Technology, managing director and group chief executive of Adnoc, and Cop28 President-designate; Ahmed Al Sayegh, Minister of State; Khaldoon Al Mubarak, group chief executive and managing director of Mubadala Investment Company; and Jassem Al Zaabi, chairman of the Abu Dhabi Department of Finance.