Sultan al-Jaber, the CEO of Abu Dhabi National Oil Company (ADNOC), Monday, said that the oil and gas industry needed to invest more than $600 billion annually until 2030 to meet expected demand growth. Al-Jaber said that the global energy transition could not succeed by simply unplugging from today’s energy system, which relied heavily on crude oil and natural gas. He added that while renewables are the fastest-growing energy sources, oil and gas are still the biggest and will remain so for decades to come.
ADNOC is investing billions of dollars in expanding its oil and gas production capacity to 5 million bpd by 2030. However, Al-Jaber said that the company is constantly innovating to cut its carbon intensity. He noted that ADNOC is the first company to adopt carbon capture and storage in the Middle East. It also plans to expand its carbon capture capacity from 800,000 tons/year to 5 million tons/year. Al-Jaber also added that from January 2022, up to 100% of ADNOC’s grid power would come from clean sources such as solar and nuclear.
The UAE is the first oil-producing country in the Middle East to commit to net-zero emissions by 2050. It will host the COP28 climate conference in November 2023.
