On Monday, the producer of nearly all the oil in the UAE said Abu Dhabi National Oil Company ( ADNOC) is carrying forward its target for net zero emissions to 2045, from the previous target of 2050, and hence became the first oil company in its peer group to commit to net zero in 2045.
Moreover, ADNOC also promised to achieve zero methane emissions by 2030.
The new targets came into force as the UAE is organizing to host the COP28 climate summit later this year, and the president-designate of the COP28 summit is the CEO of the ADNOC group, Sultan Ahmed Al Jaber.
Moreover, the Abu Dhabi oil giant said on Monday that ADNOC reported the intensity of emissions for 2022, saying that its upstream carbon intensity last year was around 7 kg of carbon dioxide equivalent (CO2e) per barrel of equivalent, the world’s lowest. In contrast, ADNOC’s methane intensity was around 0.07%.
Furthermore, ADNOC is speeding up plans to increase its oil production capacity to 5 million barrels daily from 4 million. Still, it wants to decarbonize part of its operations using grid energy from renewables and nuclear generation to power onshore operations.
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However, early this month, ADNOC’s Al Jaber said that the oil and gas industry needs to “set up its game” to cut emissions and speed up the shift towards clean energy solutions.
Al Jaber, also the COP28 president-designate, said at the OPEC International Seminar in Vienna in July that ” the phase down of fossil fuels is inevitable, it is, in fact, essential, but it cannot be irresponsible.”
Al Jaber added that the critical challenge is to cut emissions while keeping robust, sustainable development, “that is why I am so focused on COP28 being truly inclusive”.
However, the choice of Al Jaber to lead the COP28 climate summit in Dubai was viewed as a controversial choice, assuming that he is the chief executive at the company pumping around all the oil in the UAE, an OPEC member, and a significant crude oil exporter.
