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ABU DHABI, 21st December, 2022 (WAM) — The Economist has highlighted the UAE’s energy transition efforts in a detailed article, with the prominent British weekly newspaper confirming that the Gulf state oil company’s investment plans “reveal There are real — and in some cases quite big — bets on green technologies.”
The magazine referred to Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology and Managing Director and Group Chief Executive Officer of Abu Dhabi National Oil Company (ADNOC), in his keynote speech during ADIPEC when he said, “ADNOC is the cleaner energy while investing in the clean energy of tomorrow.”
“Some suspect it’s greenwashing: all the soothing noise and toothless goals after years of denying climate science and stymieing efforts to tackle global warming. According to this view, Gulf governments are too reliant on energy generated by national energy companies Revenue – These companies account for a large portion of the national budget and are thus unable to take decarbonisation seriously. However, a review of investment plans by leading companies reveals the real – and in some cases considerable – bets on green technologies, “The article said.
“It’s worth taking a closer look because the companies behind these efforts are important outside of their region. National energy companies in other parts of the world look to the Gulf giants, especially Aramco and Saudi Aramco, the Kingdom’s oil giant. An example to emulate. The world’s two largest energy companies have taken technological and strategic directions that their state-run counterparts elsewhere tend to emulate.
“The approach of the Gulf oil champion is based on two pillars. The first is dark brown: it involves doubling down on oil and gas. Fueled by high crude prices, energy companies in the region are investing heavily to expand production.” Saudi Aramco 2022 Capital spending will reach $40 billion to $50 billion. It has pledged to spend more in the next few years as it aims to increase its oil production capacity from about 12 million barrels per day (b/d) to 13 million barrels per day (b/d) by 2027. million barrels. ADNOC will spend $150 billion on capital projects by 2027, including a target to increase capacity from about 4m b/d to 5m b/d. Qatar Energy will spend $80 billion between 2021 and 2025 , to expand liquefied natural gas (lng) production by two-thirds by 2027.”
The magazine highlights Masdar’s contribution to these efforts: “The UAE plans to achieve 100 GW of renewable energy capacity at home and abroad by 2030, up from a cumulative investment of 15 GW in 2021. This will allow Masdar to Become a holding clean energy agency in which a state-ADNOC holds a stake, the second largest clean energy developer in the world.
“Masdar is investing in a $10bn hydrogen venture in Egypt; developing a 4GW green hydrogen and renewable energy project in Azerbaijan; and investing in a green hydrogen company in the North of England.”
The article concludes by stating that, given the real risk of the end of the oil bonanza, “green efforts in the Gulf should be taken seriously.”
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