ADNOC and Occidental to evaluate carbon management projects in UAE

ADNOC and Occidental to evaluate carbon management projects in UAE

ABU DHABI: 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 catalyse US$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 Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology and Managing Director and Group CEO of the Abu Dhabi National Oil Company (ADNOC), and Amos Hochstein, US Special Presidential Coordinator for Global Infrastructure and Energy Security.

“The world is going to need a host of technologies, including DAC and CCUS, to meet our global climate objectives. This important announcement is a great example of what the U.S.-UAE Partnership for Accelerating Clean Energy (PACE) can help enable. I look forward to what this agreement yields," Hochstein said.

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