Climate and Environment
23 Dec 2021
Abu Dhabi-based Adnoc Launches $3.6 Billion Initiative to Curtail Emissions
The Index Today
Abu Dhabi’s Adnoc unveiled a $3.6 billion plan that aims to mitigate the carbon emissions from its coastal manufacturing plants in the United Arab Emirates.
The proposed plan involves the construction of an underwater cable to aid in production through cleaner energy in lieu of their current reliance on natural gas. The collective efforts of the state-run Abu Dhabi National Oil Co. and Abu Dhabi National Energy Co. (also known as Taqa), are in line with the country’s aim to reduce carbon emissions by 2050. According to Adnoc, this intiative is expected to reduce over 30% of the company’s total offshore productions.
The project will be financed through alliance with Korea Electric Power Corp., Japan’s Kysushu Electric Power Co., and Electricite de France SA, with Adnoc and Taqa each owning a 30% stake. The resulting transmission system is expected to have a capacity of 3.2 gigawatts.