Climate and Environment

23 Dec 2021

Abu Dhabi-based Adnoc Launches $3.6 Billion Initiative to Curtail Emissions

Abu Dhabi-based Adnoc Launches $3.6 Billion Initiative to Curtail Emissions

The Index Today

Long-time Chief Executive Officer Ben Silbermann of Pinterest would step down, handing over the reins of the social media platform to Google...

Stock Market

Google executive to take over as a new CEO of Pinterest

Top accounting firm Ernst & Young has been slammed with a record $100 million fine from the US government...

Stock Market

Accounting firm gets 100 million fine for faulty regulations

The Indian rupee slipped into a fresh low today and extended losses against the US dollar.

Forex

The rupee tumbled to a new low against the dollar in the midst of an increase in crude oil price

Wall Street saw a sharp fall at its closing in a broad sell-off. Consumers' worries over recession have sparked up...

Stock Market

Wall Street Lose Balance after recession strikes growth fear among consumers’

Soaring inflation may be pushing the US economy into a deep recession. Last week's 0.75% interest rate hike by the Federal Reserve...

Stock Market

Inflation ringing the recession bell - Mohammed Shaheen

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.


©Photo: news.writecaliber