Emirates News Agency - Suhail Al Mazrouei: The UAE is keen to promote investment in clean and renewable energy

2023-10-04 13:04:00

Wednesday, October 4, 2023 – 5:04 pm

Suhail Al Mazrouei:
-National oil companies are pioneers in adopting sustainable practices.
-It is necessary to invest in carbon dioxide capture and storage technologies.

OPEC Secretary General: The world still needs stability that secures oil for economic growth.

Abu Dhabi, 4 October / WAM / His Excellency Suhail bin Mohammed Al Mazrouei, Minister of Energy and Infrastructure, confirmed that the UAE aims to build the future energy system while continuing to reduce emissions in the oil and gas sector by 25% by 2030, by investing in carbon capture, use and storage technologies. And energy efficiency technologies, and that national oil companies are major investors in the field of renewable energy worldwide.
This came during a session entitled “How can national oil companies contribute to providing low-carbon global energy”, within the activities of the Abu Dhabi International Petroleum Exhibition and Conference “ADIPEC 2023”, with the participation of His Excellency Haitham Faisal Al Ghais, Secretary General of the Organization of the Petroleum Exporting Countries (OPEC), decision-makers and specialists. In the field of energy to discuss the role of national oil companies in securing a future characterized by low carbon emissions.
His Excellency pointed to the efforts of national oil companies in supporting the UAE’s goals to promote renewable energy, and to develop and adopt modern and advanced technology in the field of renewable energy, which contributes to increasing efficiency and improving the performance of energy projects, calling on these companies to make more efforts to adopt sustainable practices, through Integrating renewable energy sources, such as solar energy and wind energy, into its operations, in a way that supports the country’s future directions and enhances its global position in climate action.
His Excellency said: “As national oil companies seek to reduce their carbon footprint, it is necessary for stakeholders and partners to cooperate in creating a sustainable path, by investing in modern technology, investing in climate technologies, and enhancing cooperation among stakeholders, which contributes significantly to global efforts.” To achieve a low-carbon energy system.”
His Excellency explained that national companies are pioneers in adopting sustainable practices, especially ADNOC, which is keen on removing carbon in its plans to achieve its commitment to climate neutrality by 2045, and is the first company of its kind to make such a commitment, which strengthens its position as a responsible energy provider. It has allocated $15 billion to promote decarbonization projects by 2030, including carbon capture, electricity, new technology to absorb carbon dioxide, and enhancing investments in hydrogen and renewable energy sources.
His Excellency called on national oil companies to explore opportunities to diversify their energy portfolios by investing in low-carbon alternatives, such as natural gas and hydrogen, with the need to focus on improving the efficiency of energy use across their value chains, starting from extraction and processing to distribution and refining, pointing out. To the role of enhancing cooperation with renewable energy companies and exchanging knowledge and successful experiences in the field of renewable energy, in accelerating the transition to a low-carbon future.
His Excellency continued: “National oil companies must invest in carbon dioxide capture and storage technologies to reduce their carbon footprint, and that cooperation between national oil companies, governments and technology providers can contribute to the development and dissemination of carbon dioxide capture and storage solutions,” explaining that it is necessary to give companies National Oil has prioritized reducing methane emissions, in line with the goals of the UAE Energy Strategy 2050 and its strategic initiatives for climate neutrality 2050, and achieving future aspirations for climate action and environmental preservation.
His Excellency Suhail Al Mazrouei stressed that the UAE in general and the national oil companies in particular are making intensive efforts to enhance sustainability in a way that contributes to reducing the carbon footprint in the country, and that the policy of not burning gas in the UAE was a milestone on our way to reducing methane emissions, pointing out: The state was keen to establish a regulatory framework that supports and motivates national oil companies to adopt sustainable practices, as it launched the updated Emirates Energy Strategy 2050, the National Hydrogen Strategy 2050, and issuing a law regulating the connection of distributed renewable energy systems to the electrical grid, to form a clear path to a sustainable energy sector that ensures we follow suit. The right path to achieving climate neutrality by 2050.
Regarding ADNOC’s efforts to reduce emissions, His Excellency the Minister of Energy and Infrastructure said: “ADNOC was one of the first pioneering companies in the field of carbon capture and storage. It has operated the first commercial-scale carbon capture and storage facility in the region, with a capacity to capture 800,000 tons of carbon dioxide, and the company plans to expand its carbon capture and storage activities to capture 5 million tons of carbon dioxide annually by 2030, as the company pledged in July. 2023, by reducing methane emissions to zero by 2030.”
His Excellency stressed the vital role that national oil companies can play with regard to hydrogen supply chains, in a way that supports the rapid transition to clean energy sources, pointing at the same time to ADNOC’s pioneering efforts in developing the hydrogen economy, and pumping huge investments, through its share in Masdar. To increase the production of green hydrogen to generate up to one million tons of green hydrogen annually by 2030, ADNOC is also investing in low-carbon ammonia, as it recently delivered trial shipments of low-carbon ammonia to Europe and Asia, and over the past four decades ADNOC has established partnerships Long-term partnerships with a number of global energy companies, resulting in a series of mutually beneficial investments and initiatives.
For his part, His Excellency Haitham Al-Ghais stressed the positive role played by national oil companies in seeking to achieve energy security, provide energy at affordable prices, and reduce carbon emissions. These three elements constitute what is known as the energy dilemma.
His Excellency Al-Ghais stressed that focusing on one element of the dilemma and not paying attention to the other elements will lead to chaos and undesirable consequences. Adding that the world still needs stability that secures oil for the growth of the global economy and prosperity.