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As OPEC member UAE prepares to host a major UN climate conference in December, companies are coming forth with their strategies and initiatives. Abu Dhabi National Oil Company (ADNOC) brought forward its net zero carbon emissions target by five years to 2045 on Monday.
The state oil giant, which aims to expand its oil and gas output in the coming years, also disclosed the emissions from its operations for the first time, which reached about 24 million metric tons of carbon dioxide equivalent in 2022.
The decarbonization plan includes Scope 1 and Scope 2 emissions, the measurement of carbon dioxide that the company’s operations exude. It also features a $3.8 billion project that connects its offshore operations to clean grid power, reducing its offshore carbon footprint by 50%.
Sheikh Khaled bin Mohamed bin Zayed, Abu Dhabi Crown Prince and chairman of the Abu Dhabi Executive Council, noted that the ADNOC’s plan and new targets flip a new chapter towards a journey to a lower carbon future. The goals also position the oil company first among its peer group to accelerate its net zero target to 2045.
Earlier, ADNOC said it aimed to reduce greenhouse gas emissions by 25% and increase carbon capture, utilization, and storage capacity by 500% by 2030. On Monday, the company said it aims to slash carbon emissions by 25% by 2030.
Similarly, the energy firm previously said it is committed to upstream methane intensity of 0.15% by 2025, 5 years less than its current zero methane emissions aim.
The new targets come after the UAE updated its national climate pledge under the Paris Agreement, planning to cut emissions by 40% by 2030, going up by 9% from the previous target of 31%.
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