Maximum energy, minimum emissions: Highlights from ADNOC Board of Directors meeting
UAE President Sheikh Mohamed bin Zayed presided over the annual meeting of the Abu Dhabi National Oil Company (ADNOC) Board of Directors on Monday, underlining the country’s commitment to supporting global energy security and enabling a more sustainable future.
During the meeting held at the state-owned company’s headquarters, the president directed ADNOC to grow its diversified portfolio and provide secure and responsible energy to support the delivery of a just, orderly and equitable global energy transition.
Backing UAE’s plan to plant 100 million mangroves by 2030
The Emirati oil company is advancing nature-based solutions through its ambition to plant 10 million mangroves by the end of the decade. To date, it has already planted more than 2 million seedings across the UAE capital, including 200,000 in 2022 through drones.
The National Carbon Sequestration Project seeks to plant 100 million mangroves by 2030. It includes 4 activities: evaluating planting sites, producing seeds and seedlings, planting in selected sites, and monitoring planted mangroves and the levels of carbon set to be captured.
Focus on UAE’s’ ‘Make it in the Emirates’ initiative
During the meeting on Monday, the board highlighted ADNOC’s focus on supporting the UAE’s’ ‘Make it in the Emirates‘ initiative by encouraging local production of critical industrial products in the oil company’s supply chain.
Investing in local communities continues to be a key priority for the company. Its Corporate Social Responsibility (CSR) programme has positively impacted lives of 5 million people across the country, driving investments in STEM, sport, environmental projects and others.
Targets to achieve near-zero methane emissions by 2030
President Sheikh Mohamed noted that ADNOC is tripling its renewable energy capacity through its shareholding in Masdar, and is also making efforts towards its interim targets of reducing its greenhouse gas intensity by 25% and achieving near-zero methane emissions by 2030.
The state-owned oil company continues to transform, decarbonise and future-proof its business. During the meeting, His Highness highlighted the UAE’s long-term commitment to comprehensive, sustainable and integrated economic and social development plans, as per the Economic Times Auto.
In addition, he also thanked ADNOC employees for their hard work, dedication and commitment, stressing people remain the country’s greatest asset. The Emirati leadership is ready to continue to prioritise human capital development.
Plans for a global growth platform for low-carbon ammonia
In December 2023, OCI Global announced the sale of its 50% stake in Fertiglobe to ADNOC, completely exiting and monetising its entire equity stake. Fertiglobe today is the largest seaborne exporter of ammonia on the planet.
The move supports the oil company’s ambitious chemicals strategy and its plans to establish a global growth platform for low-carbon ammonia, a key lower-carbon fuel and hydrogen carrier that is expected to play a notable role in the energy transition.
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