State Oil Firm In UAE Moves Up Its Net Zero Emissions Climate Target To 2045
by upasana sarbajna Finance 01 August 2023
The UAE, being an OPEC member that yields over 3 million barrels of crude oil each day, is all set to host the global climate talks called the COP28 from November 30th to December 12th in Dubai.
An oil giant run by the state in the UAE, (United Arab Emirates) confirmed on Monday that it had shifted its target to attain net zero emissions through its operations to 2045, as the nation prepares itself to host the United Nations climate talks in the later part of this year.
The ADNOC, Abu Dhabi National Oil Company, assured its commitment to reaching zero emission of methane by 2030.
Methane is a toxic greenhouse gas that has 80% more potency than carbon dioxide in the short term.
At the beginning of the year, ADNOC designated USD 15 billion for a line-up of greenhouse initiatives that include the development of hydrogen power, planting of mangroves, and carbon capture facilities.
Previously, the company had made commitments to net zero, balancing the emission of greenhouse gasses to a point where the amount removed from the atmosphere will be equivalent to the amount emitted by 2050.
The UAE, being an OPEC member that yields over 3 million barrels of crude oil each day, is all set to host the global climate talks, called the COP28, from November 30th to December 12th in Dubai. Sultan al-Jaber, the head of ADNOC, was appointed to chair the meeting, which invited criticisms from a handful of environmentalists.