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This ADNOC (ADNOC) announced a major investment in sustainable and green technologies on Thursday.
ADNOC says it has allocated $15 billion to invest in decarbonization projects through 2030. According to a press release, they specifically mentioned the following:
- carbon capture
- electrification
- Carbon dioxide (CO2) absorption technology
- Investing in renewable energy and hydrogen
What does it mean: Carbon capture is the process of capturing carbon dioxide from the atmosphere and then storing it or using it for other purposes. Electrification is the process of changing a technology that uses fuel to one that uses electricity.
CO2 absorption can refer to several things. In recent years, the United Arab Emirates (UAE) has been planting more trees in an effort to reduce carbon in the atmosphere. Trees absorb carbon dioxide.
Hydrogen can be blue or green. Blue hydrogen is extracted from natural gas through carbon capture, while green hydrogen is hydrogen produced through renewable energy.
Why it matters: ADNOC is exploring decarbonization and alternative energy with other entities in the UAE.Last July, ADNOC announced a partnership with France’s TotalEnergies carbon capture technology. ADNOC also sent clean ammonia – partly hydrogen from renewable sources – shipped to Japan a month ago. In May, ADNOC signed a “low carbon” agreement with BP hydrogen power.
That’s not to say ADNOC isn’t committed to oil and gas.The company also announced more Natural Gas Discovery in Abu Dhabi last year and achieved nearly $1 billion drilling contract To a subsidiary last October.
understand more: The emirate of Dubai recently announced that 14% of its energy comes from solar energy.
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