UAE to double renewable energy portfolio in next ten years: ADNOC - Reuters

FILE PHOTO: 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 (Reuters) - 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. [ADNOC.UL] chief executive Sultan al-Jaber said on Monday.

“We (ADNOC) will increase our carbon capture utilization and storage program by 500% ... 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 reduce greenhouse gas intensity by an additional 25%. In order to do this, ADNOC said in a statement it would expand the capacity of its Al Reyadah carbon capture, utilization and storage facility, aiming to reach 5 million tonnes of carbon dioxide per year by 2030.

ADNOC will also limit fresh water 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 a 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.

Reporting by Dahlia Nehme; Writing by Maha El Dahan and Nafisa Eltahir; Editing by Alex Richardson and Giles Elgood

Our Standards:The Thomson Reuters Trust Principles.

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