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Mideast NOCs Offer Own Take on Low Carbon

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With the COP28 climate summit to be held in the United Arab Emirates later this year, hydrocarbon-rich Mideast Gulf countries are keen to show that being top oil and gas producers does not contradict setting ambitious decarbonization targets. The UAE and fellow Opec member Saudi Arabia have begun pursuing their own approach to the energy transition, which includes continued and expanded production of oil and gas in the future — but in a less carbon intensive manner. Both Abu Dhabi National Oil Co. (Adnoc) and Saudi Aramco have set 2050 net-zero targets, but these national oil companies face criticism from some that that they are focused only on operational (Scope 1 and 2) emissions, not the more problematic carbon emissions from end-use (Scope 3) burning of their oil and gas consumers. As COP28 host, the UAE is particularly keen to show that it is taking concrete measures to achieve its 2050 carbon-neutrality target. Last week, Adnoc announced it would allocate $15 billion for decarbonization projects by 2030, which include carbon capture and storage (CCS), electrification, hydrogen and renewable energy projects. The announcement follows guidance by Adnoc's board last November to accelerate delivery of its low-carbon growth strategy. Efforts will include investments in clean power, CCS, further electrification of operations, energy efficiency measures and greater attempts to achieve zero routine gas flaring. Adnoc is expected to announce more projects this year that will help reduce its carbon intensity by 25% by 2030.

Topics:
CO2 Emissions, Carbon Capture (CCS), Renewable Electricity , Hydrogen, Corporate Strategy
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