ADNOC and Occidental to evaluate carbon management projects in the UAE and US to accelerate net zero goals

ADNOC and Occidental to evaluate carbon management projects in the UAE and US to accelerate net zero goals

- Agreement enabled by UAE-US Partnership to Accelerate Clean Energy, which will unlock $100 billion investment in carbon management and clean energy projects

- ADNOC is doubling down on decarbonization to deliver on its net zero by 2045 ambition and is keen to work with investors, climate technology providers and industry on its journey to a lower carbon future

Abu Dhabi, UAE: ADNOC and Occidental today announced they have signed a strategic collaboration agreement (SCA) to evaluate potential investment opportunities in carbon dioxide (CO2) capture and storage (CCS) hubs in the United Arab Emirates (UAE) and United States (US) with a view to develop a carbon management platform to accelerate the net zero goals of both companies.

The agreement is enabled by the UAE-US Partnership for Accelerating Clean Energy (PACE), which was launched in November 2022 and is expected to catalyze $100 billion (AED367 billion) in clean energy and carbon management projects, including CCS and direct air capture (DAC), by 2035.

In January 2023, an expert body was formed to govern PACE, co-chaired by His Excellency Dr. Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology and ADNOC Managing Director and Group CEO, and Amos Hochstein, White House Senior Advisor to the President