Iraq Bulletin
Business

ADNOC’s UAE sustainable energy and local manufacturing drive

In a significant gathering at the ADNOC Headquarters, UAE President Sheikh Mohamed bin Zayed Al Nahyan chaired the annual ADNOC Board of Directors Meeting. During this meeting, His Highness reiterated the UAE’s steadfast dedication to comprehensive, sustainable, and integrated economic and social development plans. He underscored the importance of diversifying expertise within the energy sector while prioritizing sustainability and emissions reduction. President Sheikh Mohamed bin Zayed Al Nahyan directed ADNOC to bolster its diversified portfolio, ensuring the provision of secure, reliable, and responsible energy to facilitate a just and equitable global energy transition.

ADNOC's UAE sustainable energy and local manufacturing drive

The UAE’s commitment to global energy security and sustainability remained at the forefront of the discussion. Under the leadership of His Highness, ADNOC is tripling its renewable energy capacity through its stake in Masdar. The company is also actively working towards reducing greenhouse gas intensity by 25% and achieving near-zero methane emissions by 2030, supporting a more sustainable future on a global scale. The ADNOC Board of Directors acknowledged the company’s pivotal role in the UAE’s economic and industrial growth.

They endorsed ADNOC’s ambitious goal of injecting $48.5 billion (AED178 billion) into the UAE economy over the next five years, building upon the $11.2 billion (AED41 billion) generated through its In-Country Value (ICV) program in 2023. Furthermore, ADNOC’s commitment to local talent development resulted in the creation of 6,500 jobs for UAE nationals in the private sector in 2023. ADNOC’s commitment to the ‘Make it in the Emirates’ initiative was highlighted, with the company signing local manufacturing agreements worth $16.9 billion (AED62 billion) since 2022. Investing in local communities has been a key priority, with ADNOC’s corporate social responsibility program contributing over $1.36 billion (AED5 billion) since 2018, benefiting 5 million people across the UAE.

In 2023, ADNOC achieved significant milestones, including successful IPOs, carbon capture projects, and net-zero emission offshore development plans. The company also announced its intention to acquire a 30% shareholding in the Absheron gas field in Azerbaijan. ADNOC’s commitment to reducing carbon intensity and advancing nature-based solutions were discussed, including a plan to plant 10 million mangroves by 2030. ADNOC’s ongoing efforts align with its ambitious net-zero pathway and its role as a catalyst for the UAE’s economic and industrial growth. The company is focused on driving transformational growth, fostering partnerships, and pursuing international opportunities to ensure secure and sustainable energy for the future.

Related posts

ADNOC L&S increases fleet size with new VLCC acquisitions

admin

UAE to boost Iraq’s economy with $3 billion investment

admin

UAE – Iraq hold talks as Sheikh Mohamed meets Iraq PM

admin