Abu Dhabi National Oil Company (ADNOC) is set to receive up to 100 percent of its grid power from clean energy sources by January next year, Sultan Ahmed Al Jaber, the UAE Minister of Industry and Advanced Technology and Managing Director and Group CEO of ADNOC said during the opening ceremony of ADIPEC on Monday.
The oil and gas industry has faced tremendous challenges over the past couple years as the COVID-19 pandemic upended the traditional energy demand outlook. Demand collapsed in 2020 as government-mandated lockdown rules kept people at home across the world, reducing the need for energy. Furthermore, calls for transition towards cleaner energy sources have caused the industry to speed up efforts and investments in the global energy transition.
“We will soon deliver another first for our industry. From January, up to 100 percent of our grid power will come from clean sources, namely nuclear and solar. In one move, this will significantly reduce ADNOC’s operational emissions,” Al Jaber said Monday.
Last month, UAE authorities announced a target to achieve net zero carbon emissions by 2050, in addition to a plan to invest AED 600 billion ($163 billion) in renewable energy to support the initiative. Al Jaber said that ADNOC’s announcement would support this goal.
“It brings us more than 1/3 of the way towards our 2030 carbon intensity targets. Importantly it will make a practical contribution to the UAE’s net zero by 2050 strategic initiative. Not years from now, but in a matter of weeks, and only 45 days from now,” he explained.
UAE open for business
The UAE is “open for business and ready to partner across the energy ecosystem,” Al Jaber said, noting that the “world demands more energy with fewer emissions.”
At ADNOC, the firm has continued to attract new partners in a bid to unlock more conventional and unconventional reserves, in addition to liberating significant supplies of natural gas. These developments, Al Jaber said, are aiding in the plan to move much closer to self-sufficiency.
“If the world is to resolve the dilemma of the energy transition, the solutions will be found where the energy expertise exists. That means that we in our industry, have phenomenal huge opportunity in front of us. Rewiring the energy system is a multi-trillion dollar business opportunity that is good for the climate, good for humanity and good for sustainable economic growth,” Al Jaber explained.
These factors are “fundamental reasons” why the UAE is excited about hosting the COP28 climate conference in 2023, he added.
“We will make this forum a catalyst for practical, commercial, sustainable energy solutions. Solutions that are both pro-climate and pro-growth. Solutions that come from our industry and of course, beyond our industry,” Al Jaber concluded.
