London, 01 August, 2023, (Oilandgaspress) – ADNOC and Occidental today announced they have signed a strategic collaboration agreement (SCA) to evaluate potential investment opportunities in carbon dioxide (CO2) capture and storage (CCS) hubs in the United Arab Emirates (UAE) and United States (US) with a view to develop a carbon management platform to accelerate the net zero goals of both companies.
The agreement is enabled by the UAE-US Partnership for Accelerating Clean Energy (PACE), which was launched in November 2022 and is expected to catalyze $100 billion (AED367 billion) in clean energy and carbon management projects, including CCS and direct air capture (DAC), by 2035.
In January 2023, an expert body was formed to govern PACE, co-chaired by His Excellency Dr. Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology and ADNOC Managing Director and Group CEO, and Amos Hochstein, White House Senior Advisor to the President for Energy and Investment.
Amos Hochstein, Senior Advisor to the President for Energy and Investment at the White House, said: “The world is going to need a host of technologies, including DAC and CCUS, to meet our global climate objectives. This important announcement is a great example of what the U.S.-UAE Partnership for Accelerating Clean Energy (PACE) can help enable. I look forward to what this agreement yields.”
According to the Intergovernmental Panel on Climate Change (IPCC), investments in CCS and DAC will play an important role to mitigate climate change.
The companies will also assess the joint development of one or more carbon management hubs in the UAE. The hubs would be able to offer carbon capture services and provide the necessary infrastructure to safely transport CO2 from the UAE’s carbon-intensive and hard-to-abate sectors and permanently store it in Abu Dhabi’s ideal geological formations
Under the SCA, ADNOC will also explore its participation in a number of DAC and CO2 sequestration hubs in the US that are under development by Occidental’s subsidiary, 1PointFive. Its Stratos DAC project, currently under construction in Texas, is one of such hubs, and it is expected to capture 500,000 tonnes of CO2 from the atmosphere per year when fully operational.
Building on its legacy as a responsible global energy pioneer, ADNOC is set to increase investments in and double down on its decarbonization efforts, backed by an initial $15 billion allocation to low-carbon solutions. The company extends an open invitation to investors, climate technology providers and industry across all sectors to partner on its journey to supercharge and accelerate decarbonization solutions.
Information Source: Read More
Energy Monitors , Electric Power , Natural Gas , Oil , Climate , Renewable , Wind , Transition , LPG , Solar , Electric , Biomass , Sustainability , Oil Price , Electric Vehicles,
