ADNOC and Occidental announced that they have inked  a strategic collaboration agreement (SCA) to evaluate potential investment opportunities in carbon dioxide (CO2) capture and storage (CCS) hubs in the UAE and US, looking forward to develop a carbon management platform to accelerate the net zero goals of both companies.

The agreement aiming to accelerate crown energy pace that was launched in November 2022 and is expected to catalyze $100 billion in clean energy and carbon management project by 2035.

According to the agreement, the companies will also assess the joint development of one or more carbon management hubs in the UAE. 

On this occasion, Vicki Hollub, President and Chief Executive Officer at Occidental, said: “We look forward to building on our longstanding partnership with ADNOC as we advance our plans to globally deploy DAC technology and engage partners who are committed to developing carbon solutions at climate-relevant scale. Partnerships like this one are essential to helping the world reach its climate goals and ensure it has the resources it needs to thrive through the energy transition. We look forward to working with ADNOC on our shared vision of establishing a global net-zero ecosystem.”

For his part, Musabbeh Al Kaabi, Executive Director of Low Carbon Solutions and International Growth at ADNOC said: “This agreement highlights how the UAE-US Partnership for Accelerating Clean Energy is driving innovative climate technologies to decarbonize the energy sector. The need to significantly reduce carbon emissions to address climate change is clear and urgent and carbon capture is an important technology that can be scaled up to decarbonize across all industries.”