ADNOC to Pursue Net Zero Ambition by 2050
During ADNOC board of directors meeting, the company announces to pursue a Net Zero by 2050 ambition to support the UAE Net Zero by 2050 Strategic Initiative.
As part of the strategy, Adnoc will establish a new Low Carbon Solutions & International Growth vertical focused on new energies, gas, liquefied natural gas (LNG) and chemicals.
Sheikh Mohamed bin Zayed praised Adnoc’s steps to further reduce its carbon footprint as it expands its operations to meet rising global energy demand.
His Highness noted Adnoc’s comprehensive approach to sustainability is testamanent to the UAE’s commitment to remaining a responsible global energy provider and to enabling a more sustainable future.
His Highness praised Adnoc’s efforts to drive industrial growth through its In-Country Value (ICV) program and its support for the ‘Make it in the Emirates’ initiative.
Adnoc’s transformation is enabled by its Accelerate 100X program aimed at capitaliding on the evolving energy landscape, future-proofing the company during the energy transition and maximizing value for the UAE.
Dr Al Jaber, Adnoc Managing Director and Group CEO, said: “Through our Net Zero by 2050 ambition, we are placing sustainability at the center of our growth to become one of the least carbon intensive oil and gas producers in the world.
“The world needs maximum energy, minimum emissions and it needs all the energy solutions if we are to ensure global energy security. Adnoc is committed to making today’s energy cleaner while investing in the clean energies of tomorrow."
Adnoc’s Net Zero by 2050 ambition covers its operational Scope 1 and Scope 2 greenhouse gas emissions. This ambition is underpinned by a continued focus on key decarbonisation levers of energy efficiency and operational excellence across the value chain.
Adnoc is an industry leader in efficiently reducing methane emissions and it is making significant investments in new technologies to further improve its environmental performance.
The company recently set a new upstream methane intensity target of 0.15 per cent by 2025. Adnoc is also leveraging its partnerships to invest in and integrate low-carbon technologies and solutions to ensure a cost-effective decarbonization pathway.
The Low Carbon Solutions & International Growth vertical will build on Adnoc’s successful value creation and investment journey and further drive international growth, as well as capture opportunities in renewables and new energies.