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ADNOC Says to Double UAE's Renewable Energy Portfolio in Next 10 Years

ADNOC Says to Double UAE's Renewable Energy Portfolio in Next 10 Years

Monday, 13 January, 2020 - 09:45
Sultan Ahmed Al Jaber, UAE Minister of State and the Abu Dhabi National Oil Company (ADNOC) Group CEO, is seen on a screen during the Future Investment Initiative conference in Riyadh, Saudi Arabia, October 30, 2019. REUTERS/Hamad I Mohammed/File Photo
Abu Dhabi- Asharq Al-Awsat

The United Arab Emirates grew its renewable energy portfolio by more than 400% in the last 10 years, and is on track to double that again in the coming decade, Abu Dhabi National Oil Co. chief executive Sultan al-Jaber said on Monday.

“We (ADNOC) will increase our carbon capture utilization and storage program by 500 percent…to capture the same amount of C02 as 5 million acres of forest,” Jaber also told a sustainable energy event in the United Arab Emirates capital Abu Dhabi.

ADNOC will also reduce greenhouse gas intensity by an additional 25% and limit freshwater consumption to below 0.5% of total water use.

Indonesian President Joko Widodo, visiting Abu Dhabi for the sustainability event, called for more investments in clean energy in his country and said its new capital, currently under construction, would adopt an environmentally friendly and low carbon lifestyle.

“Climate change and environmental challenges will define this century,” he told the conference.

Indonesia signed 11 business deals with the United Arab Emirates worth a combined 314.9 trillion rupiah ($23 billion) covering investment in energy and other sectors, Widodo said via his Twitter account on Monday.

ADNOC signed agreements with Indonesia’s Pertamina and Chandra Asri in the petrochemical and gas sectors on Sunday.

The UAE plans to invest in Indonesia's infrastructure and energy sectors, Bloomberg reported citing a statement by the Indonesian cabinet secretariat on Monday. Japan’s SoftBank Group and the US International Development Finance Corporation are also eyeing taking part in the fund which is key in helping Indonesia meet its ambitious infrastructure program, which requires more than $400bn of investment over the next five years.

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