UAE President Sheikh Mohamed bin Zayed Al Nahyan attended an annual meeting of the Abu Dhabi National Oil Company (ADNOC) Board of Directors, in which the board instructed ADNOC to pursue the Net Zero by 2050 objective in order to assist in the UAE Net Zero by 2050 Strategic Initiative.
The board also endorsed ADNOC’s plan to accelerate expansion throughout its value chain in order to properly fulfil the world’s expanding energy demand and promote energy security. ADNOC will create a new Low Carbon Solutions & International Growth vertical with a focus on new energies, gas, liquefied natural gas (LNG), and chemicals as part of the strategy.
As ADNOC increases its activities to satisfy the expanding global energy demand, Sheikh Mohamed bin Zayed complimented the company’s efforts to further minimize its carbon footprint. He emphasized that ADNOC’s all-encompassing sustainability strategy is a testament to the UAE’s dedication to continuing to be a responsible global energy supplier and to fostering a more sustainable future.
Sheikh Mohamed bin Zayed praised ADNOC for maximizing value for the country and developing new commercial and industrial opportunities for the private sector. He also emphasized the significance of ADNOC as a key catalyst for the growth and diversification of the UAE and commended ADNOC for its initiatives to promote industrial growth, including the In-Country Value (ICV) program and the “Make it in the Emirates” campaign.
Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology, and ADNOC Managing Director and Group CEO, said: “As a result of the wise guidance and directives of the UAE President His Highness Sheikh Mohamed bin Zayed Al Nahyan, the support of the ADNOC Board of Directors and the hard work of all my colleagues, ADNOC is well-positioned for this new phase of accelerated growth across the energy value chain. Through our Net Zero by 2050 ambition, we are placing sustainability at the center of our growth, building on the legacy of the Founding Father of the UAE, His Highness Sheikh Zayed bin Sultan Al Nahyan, who laid the foundation for ADNOC to become one of the least carbon intensive oil and gas producers in the world.
“The world needs maximum energy; minimum emissions and it needs all the energy solutions if we are to ensure global energy security. ADNOC is committed to making today’s energy cleaner while investing in the clean energies of tomorrow to strengthen our position as a reliable and responsible energy provider. As we deliver on these objectives, we will continue to drive greater and more sustainable value for the UAE, create opportunities for the private sector to benefit from ADNOC’s growth and enable more skilled job opportunities for UAE Nationals.”