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Abu Dhabi’s ADNOC Distribution, the UAE’s largest fuel retailer, will install solar panels to power its service stations and utilise biofuels for its vehicles, as part of a plan to decarbonise operations in less than 10 years.
The company announced on Friday that it will reduce its carbon intensity by 25% by 2030. It vowed to put sustainability at the core of its day-to-day operations in order to “future-proof” its business and deliver sustainable long-term value for shareholders.
“By decarbonizing our business… we are placing sustainability at the core of our day-to-day operations, ensuring we continue to future-prof our business and delivery sustainable long-term shareholder value,” said Bader Saeed Al Lamki, CEO of ADNOC Distribution.
The company’s plans include expanding its network of EV charging stations and utilising green concrete when building new service stations. Green concrete has a small carbon footprint than its traditional alternative.
ADNOC Distribution noted that it has also become the first UAE fuel and convenience retailer to tap into sustainable financing by converting an existing $1.5 billion (5.5 billion UAE dirhams) term loan into a sustainability-linked one. The financing is in partnership with First Abu Dhabi Bank, which has been designated as the ESG coordinator.
The company’s sustainability initiatives will be applied across the company’s entire network in the UAE and Saudi Arabia.
(Writing by Cleofe Maceda; editing by Mily Chakrabarty)
