- The President of the UAE leads ADNOC to increase its diversified portfolio and guarantee a protected, dependable and accountable power provide in help of a simply, orderly and equitable world power transition
- Administration will increase allocation for breakthrough decarbonization tasks, applied sciences and low-carbon options to $23 billion (AED84.4 billion)
- The Board directs ADNOC to deploy main applied sciences to speed up decarbonization, development of renewables and low-carbon options in help of industry-leading Web Zero goal by 2045
- Board directs firm to prioritize transformational development, partnerships and worldwide alternatives to future-proof ADNOC and drive worth for Abu Dhabi and the UAE
- The board endorses the aim of pumping AED178 billion into the UAE financial system over the subsequent 5 years, constructing on AED41 billion generated by way of the In-Nation Worth program by 2023
- The board commends ADNOC for prioritizing expertise improvement within the UAE and upskilling its workforce in rising applied sciences, together with synthetic intelligence and digitalization
President of the UAE His Highness Sheikh Mohamed bin Zayed Al Nahyan, in his capability as Chairman, chaired the annual assembly of the ADNOC Board of Administrators.
Through the assembly, held at ADNOC’s headquarters, His Highness tasked ADNOC to increase its diversified portfolio and ship protected, dependable and accountable power to help the achievement of a simply, orderly and equitable world power transition. As ADNOC continues to remodel, decarbonize and future-proof its operations, His Highness famous that the corporate is tripling its renewable power capability by way of its fairness stake in Masdar, whereas taking tangible actions in the direction of its interim targets to cut back greenhouse fuel depth by 25% and reaching near-zero methane emissions by 2030. His Highness stated this continued focus underlines the UAE’s long-term dedication to supporting world power safety and enabling a extra sustainable future.
The board was briefed on ADNOC’s record-breaking preliminary public choices (IPOs) and the corporate’s first investments outdoors the UAE in 2023. The board charged ADNOC to prioritize transformational development, partnerships and worldwide alternatives to future-proof Abu Dhabi create and generate worth. the UAE. In December, ADNOC introduced that it has entered right into a sale and buy settlement to accumulate OCI’s complete majority stake in Fertiglobe plc. This helps the corporate’s formidable chemical compounds technique and its plans to ascertain a worldwide development platform for low-carbon ammonia, a key low-carbon gas and hydrogen provider anticipated to play a key position within the power transition.
The board was briefed on the steps ADNOC has taken to help its industry-leading Web Zero 2045 goal and directed the corporate to deploy main applied sciences to speed up decarbonization, the expansion of renewables and low-carbon options to help this aim to hurry up. Through the assembly, the board elevated ADNOC’s price range allocation for breakthrough decarbonization tasks, applied sciences and low-carbon options to US$23 billion (AED84.4 billion). The elevated allocation consists of investments to develop the corporate’s home and worldwide carbon administration platforms, supporting the decarbonization journey of each ADNOC and its prospects.
The board highlighted ADNOC’s position as a catalyst for the UAE’s financial and industrial development and endorsed the corporate’s goal to pump $48.5 billion (AED178 billion) again into the UAE financial system over the subsequent 5 years, constructing on $11.2 billion (AED41 billion) generated from its operations. In-Nation Worth (ICV) program in 2023. ADNOC additionally created 6,500 jobs for UAE nationals within the non-public sector by way of this system in 2023, in partnership with the Emirati Expertise Competitiveness Council (Nafis). These achievements convey the entire worth pushed into the UAE financial system to US$51 billion (AED187 billion), with 11,500 UAE nationals employed within the non-public sector for the reason that launch of this system in 2018.
The board counseled ADNOC for prioritizing expertise improvement within the UAE and upskilling its workforce in rising applied sciences, together with synthetic intelligence and digitalization. HH Sheikh Mohamed bin Zayed famous the essential position that ADNOC staff proceed to play in driving success and thanked them for his or her arduous work, dedication and dedication. His Highness emphasised that persons are the nation’s best asset, and the UAE management will proceed to prioritize human capital improvement.
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The board highlighted ADNOC’s concentrate on supporting the UAE’s ‘Make it within the Emirates’ initiative by encouraging native manufacturing of key industrial merchandise throughout the corporate’s provide chain. Since 2022, ADNOC has signed native manufacturing agreements with the UAE and worldwide corporations value $16.9 billion (AED62 billion), accelerating progress in the direction of its goal of manufacturing $19 billion (AED70 billion) value of merchandise in its buying pipeline to supply regionally.
Investing in native communities stays a key precedence for ADNOC, and the board has famous the success of the corporate’s company social duty (CSR) program, which has raised greater than US$1.36 billion (A$5 billion) since 2018. has contributed to native communities. has had a constructive affect on 5 million individuals within the UAE with vital investments in science, expertise, engineering and arithmetic (STEM), sport and wellbeing, tradition and neighborhood, pure heritage and native environmental tasks.
In 2023, ADNOC achieved a number of necessary milestones and achievements. The corporate accomplished two IPOs of ADNOC Fuel and ADNOC L&S, invested in one of many largest carbon seize tasks within the Center East and North Africa (MENA) area in Habshan, and introduced the ultimate funding choice for the Hail and Ghasha Offshore Improvement , which would be the first challenge on the earth that goals to function with internet zero emissions. In help of ADNOC’s worldwide development technique, the corporate introduced its intention to accumulate a 30% stake within the Absheron fuel discipline in Azerbaijan.
ADNOC additionally introduced its 2022 emissions efficiency, confirming its place within the high tier of oil and fuel producers with the bottom upstream carbon depth globally. The corporate has said its ambition to double its carbon seize and storage (CCS) capability goal to 10 million tonnes every year (mtpa) by 2030, which is the equal of eradicating greater than 2 million petrol vehicles from the general public highways. Moreover, by way of its fairness stake in Masdar, ADNOC helps Masdar’s goal of reaching 100 gigawatts (GW) by 2030.
ADNOC tasks to cut back carbon depth by 25% by 2030 embody utilizing clear power to satisfy 100% of onshore electrical energy wants since early 2022 and connecting offshore operations to the grid by way of a $3.8 billion (AED14 billion) challenge. which, as soon as accomplished, might cut back the marine carbon footprint by as much as 50%. ADNOC can also be selling nature-based options by way of its plan to plant 10 million mangroves by 2030. So far, ADNOC has planted greater than two million mangrove seedlings throughout Abu Dhabi, together with 200,000 by 2022 utilizing drones.
SHE Dr. Al Jaber stated: “On the path of the President of the UAE, His Highness Sheikh Mohamed bin Zayed Al Nahyan, and with the help of the ADNOC Board of Administrators and all my colleagues, ADNOC continues to satisfy its mandate to remodel its enterprise, decarbonize and to make it future-proof. As a number one world power provider, we’re dedicated to enabling a lower-carbon future and a simply, orderly and equitable power transition.
“By prioritizing transformational development, partnerships and worldwide alternatives, we’re nicely positioned to develop our enterprise and unlock extra worth as we attempt to make at the moment’s power cleaner, spend money on tomorrow’s clear power and proceed to supply protected and sustainable power to satisfy rising world demand. Fulfilling this mandate strengthens our formidable net-zero trajectory and our important position as a catalyst for the UAE’s financial and industrial development.”