His Highness Sheikh Mohammed bin Zayed Al Nahyan Chairs ADNOC Board of Directors Annual Meeting.
During ADNOC Board of Directors Annual Meeting, His Highness affirmed that the UAE is committed to its plans for comprehensive, sustainable, and integrated economic and social development.
He added that the country is actively developing its capabilities and expertise in the energy sector.
Which is the backbone of its development efforts and plans.
While simultaneously focusing on sustainability and emissions reduction.
ADNOC to achieve a fair, orderly, and responsible transition in the global energy sector
During the meeting, Sheikh Mohammed bin Zayed directed ADNOC to achieve growth in its diverse business sectors.
And also to provide secure and reliable energy supplies in a responsible manner.
In order to support the realization of a fair, orderly, and responsible transition in the global energy sector.
He also emphasized the importance of ADNOC’s ongoing transformation, emission reduction efforts, and future-proofing its operations.
Moreover, His Highness the President commended ADNOC for tripling its renewable energy production capacity through its stake in Masdar.
And also for taking concrete steps to achieve its 2030 interim targets.
Which include: reducing greenhouse gas emission intensity by 25% and achieving near-zero methane emissions.
He also reaffirmed the UAE’s long-term commitment to supporting global energy security and contributing to building a more sustainable future.
And highlighted the pivotal role of ADNOC’s workforce in the company’s ongoing successes and commended their efforts and commitment.
Mentioning that the human capital is the nation’s most valuable resource.
And that the UAE is committed to developing, empowering, and enabling human capital in all fields.
Decisions Made by ADNOC Board of Directors
- Increase the investment allocated to emission reduction projects, low-carbon solutions, and technologies to AED 84.4 billion.
- Approve the company’s target of redirecting AED 178 billion to the national economy over the next five years.
- Prioritize the development of national talent and enhance the skills of its workforce in emerging technologies, including artificial intelligence and digital technologies.
- Focus on supporting “Make it in the Emirates” initiative by encouraging local manufacturing of essential industrial products within the company’s supply chain.
- Continue implementing the company’s transformation and modernization, building strategic partnerships, and exploring international growth opportunities.
ADNOC’s Achievements in 2023
- Completed initial public offerings (IPOs) for minority stakes in ADNOC Gas and ADNOC Logistics & Services.
- Invested in the Habshan project, one of the largest carbon capture, utilization, and storage (CCUS) projects in the Middle East and North Africa.
- Announced the final investment decision for the development of the Hail and Ghasha offshore fields, the first in the world aiming for net-zero emissions.
- Announced its intention to acquire a 30% stake in the Absheron gas field in Azerbaijan to support the company’s international growth strategy.
- Disclosed its 2022 emission reduction performance, solidifying its position as one of the world’s lowest-emitting oil and gas producers in terms of exploration, development, and production activities.
His Highness Sheikh #Mohamed_bin_Zayed Al Nahyan President of the State “May God protect him”
We affirm the long-term commitment of the #UAE to support global energy security and contribute to building a more sustainable future pic.twitter.com/SrDgxkq7Ba
— UAE Voice (@uae_voiceeng) January 22, 2024
ADNOC’s Future Goals
- Accelerate the reduction of carbon emission intensity from its operations by 25% by 2030.
- Reach a production capacity of 100 gigawatts by 2030.
- Plant ten million mangrove trees by 2030.
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