UAE Announces Plan to Invest $15 Billion in Low Carbon Energy Push
The world is increasingly paying attention to climate change. More countries are devising methods to reduce the effects of global warming, and the United Arab Emirates (UAE) is not left out. The government recently announced its intention to invest as much as $15 billion in its low-carbon energy drive.
This investment was made through the Abu Dhabi National Oil Company (ADNOC). It will mainly fund a range of projects expected to accelerate the UAE’s low-carbon growth strategy. More importantly, the ADNOC has announced that it will invest in areas like carbon capture, energy efficiency, and increased electrification. The company also reiterated its commitment to reducing gas flaring in the coming years.
According to Dr. Sultan Al Jaber, the UAE’s Minister of Industry and Advanced Technology, who doubles as ADNOC’s Chief Executive, ADNOC has always been intentional about investing in clean energy and new technologies. Al Jaber further stated that the world currently needs climate change solutions that enhance growth and are climate-friendly. According to him, ADNOC is actively delivering solutions that have these features.
In addition to ADNOC’s clean energy quest, the company has revealed plans to increase its carbon capture capacity to five million tonnes by the end of the decade. This carbon capture strategy will mainly be focused on ADNOC’s Habshan gas processing facility, where emissions will be captured and stored.
In addition, ADNOC has announced that it intends to leverage the UAE’s geological properties to deploy new technologies to capture emissions. It is worthy of note that the company currently has a carbon capture plant which was launched in 2016. The plant is called Al Reyadah and has a capacity of about 800,000 tonnes. ADNOC expects the new investments to cement its position as a significant player in the clean energy space. The investments are also likely to increase overall investments in green energy and decarbonization across the UAE.
In support of the UAE’s quest to achieve net zero emissions by 2030, ADNOC has intensified hydrogen and ammonia production. The company has also incorporated its clean energy drive into internal operations. According to reports, ADNOC has satisfied 100 percent of its power needs through solar and nuclear power.
The UAE’s Clean Energy Drive
The UAE released an Energy Strategy last year. The strategy included the country’s plans to fully decarbonize its economy and boost clean energy usage. Some of the country’s goals under the strategy include increasing the contribution of clean energy to the total energy mix from 25 percent to 50 percent by 2050 and reducing the power sector’s carbon footprint by 70 percent.
Conclusion
The battle against climate change is essential, especially in the Middle East. The region is one of the most affected by climate change, and the UAE has realized that it has a part to play in the decarbonization efforts both within the region and on the international stage. The ADNOC’S extensive investments will likely contribute immensely to the UAE’s clean energy efforts.
Last Updated on 10 months by News Editor
