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Abu Dhabi National Oil Company (ADNOC) is bringing forward its target for net-zero emissions to 2045, from a previous target of 2050, becoming the first oil company in its peer group to commit to net zero in 2045, the producer of nearly all the oil in the United Arab Emirates (UAE) said on Monday.
ADNOC also pledged to achieve zero methane emissions by 2030.
The new targets come as the UAE is preparing to host the COP28 climate summit later this year. The president-designate of the COP28 summit is ADNOC’s group CEO Sultan Ahmed Al Jaber.
Also on Monday, ADNOC reported emissions intensity for 2022, saying that its upstream carbon intensity last year was around 7 kg of carbon dioxide equivalent (CO2e) per barrel of equivalent, one of the world’s lowest. ADNOC’s methane intensity was around 0.07%, the Abu Dhabi oil giant said.
ADNOC is accelerating plans to raise its oil production capacity to 5 million barrels per day (bpd) from 4 million bpd now, but it is also looking to decarbonize part of its operations with the use of grid energy from renewables and nuclear generation to power onshore operations.
Early this month, ADNOC’s Al Jaber said that the oil and gas industry needs to “step up its game” to cut emissions and accelerate the shift toward cleaner energy solutions.
“The phase down of fossil fuels is inevitable. It is in fact essential. But it cannot be irresponsible,” Al Jaber, who is also the COP 28 president-designate, said at the OPEC International Seminar in Vienna in early July.
The key challenge is to cut emissions while keeping robust sustainable development, Al Jaber said, adding “That is why I am so focused on COP28 being truly inclusive.”
The pick of Al Jaber to head the COP28 climate summit in Dubai was seen as a controversial choice, considering that he is chief executive at the company pumping nearly all the oil in the UAE, an OPEC member and major crude oil exporter.
By Tsvetana Paraskova for Oilprice.com
Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews.