In a recent announcement, the board of the Abu Dhabi National Oil Company (ADNOC) has underscored the company's unwavering commitment to achieving its Net Zero by 2045 target. In a bid to expedite decarbonization efforts, foster growth in renewables, and explore lower-carbon solutions, the board has directed ADNOC to harness advanced technologies.
One notable achievement highlighted by ADNOC is the creation of 6,500 job opportunities for United Arab Emirates (UAE) nationals in the private sector during the year 2023 alone. This achievement has contributed significantly to the UAE economy, injecting a total value of $51 billion. Since the inception of the program in 2018, 11,500 UAE nationals have found employment in the private sector.
Renewable Energy Takes Center Stage
ADNOC has set ambitious targets to triple its renewable energy capacity, primarily through its holdings in Masdar, as announced on Monday. Furthermore, ADNOC has entered into a sale and purchase agreement to acquire OCI's majority stake in Fertiglobe plc. This strategic move aligns with ADNOC's chemicals strategy and its vision for low-carbon ammonia production.
The year 2023 saw ADNOC accomplish several significant milestones. It successfully completed two initial public offerings (IPOs), invested substantially in a major carbon capture project, and officially approved the final investment decision for the Hail and Ghasha Offshore Development, with a goal of operating with net zero emissions.
ADNOC also unveiled its emissions performance data for 2022, positioning itself at the forefront of global upstream oil and gas producers with the lowest carbon intensity. The company aims to double its carbon capture and storage (CCS) capacity target to 10 million tonnes annually by 2030, further demonstrating its dedication to sustainable practices.
Dr. Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology and ADNOC Managing Director and Group CEO, expressed the company's dedication to transformational growth, partnerships, and international opportunities. He emphasized ADNOC's pivotal role as a catalyst for the UAE's economic and industrial development, adding, "Delivering on this mandate reinforces our ambitious net zero pathway and our critical role as the catalyst for the UAE's economic and industrial growth."
