Abu Dhabi National Oil Company
's (ADNOC) proactive steps have ensured that the UAE national oil company produces some of the least carbon-intensive crude oil globally, Minister for Industry and Advanced Technology, and Special Envoy for Climate Change, Sultan Ahmed Al Jaber said.
During an online interaction with the US think tank The Atlantic Council on Tuesday, Al Jaber said given the global economy's continued reliance on hydrocarbons, producers bear the responsibility of making oil and gas as low carbon as possible.
"We [ADNOC] were one of the first oil companies to initiate a zero flaring policy and the first to bring industrial-scale carbon capture utilisation and storage to the region. These proactive measures have helped make our barrels some of the least carbon-intensive in the world. Our crude grade - Murban - has less than half the carbon intensity as the industry average, and we are always looking to improve our environmental performance with a strategy that will reduce the carbon intensity of our operation by another 25 percent by 2030," he said.
He pointed out that the world needs to start looking at climate challenge as an opportunity, noting that the UAE would build on its track record of renewable and cleantech investments in over 70 countries worldwide by seizing on new opportunities that make commercial sense.
"We have been very successful at leveraging private and concessional capital to get projects from planning to completion ahead of the deadline and under budget. And we are always open to bringing new partners on board, wherever we see opportunities."
As part of the UAE's future plans for lower-carbon energy, Al Jaber said the country is investing in new, zero-carbon fuels such as hydrogen. Although hydrogen currently has a limited market, it could form a sizeable segment of the energy system in the next 20 years, when the UAE will have the capacity to become a significant supplier of both blue and green hydrogen.
"At ADNOC, we are well-positioned to leverage our existing gas infrastructure and commercial-scale CCUS capabilities to develop blue hydrogen. Besides, we are exploring green hydrogen through the Abu Dhabi Hydrogen Alliance, bringing together key energy and industrial players in the UAE. We recognise that the key to developing the hydrogen economy of the future will be aligning supply and demand and developing the value chain connecting suppliers with customers in key markets. So, we are identifying viable international market opportunities and developing a roadmap to create a hydrogen ecosystem to serve both the UAE and the global market."
The UAE is one of the 40 countries participating in the Leaders Summit on Climate at the White House on Thursday.
(Writing by Saket S; Editing by Anoop Menon)
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