‘The Economist’ highlights UAE’s energy transition efforts

‘The Economist’ highlights UAE’s energy transition efforts

ABU DHABI, 21st December 2022 (WAM) – The UAE's energy transition efforts have been highlighted in a detailed article by ‘The Economist', where the renowned British weekly newspaper affirmed that the Gulf national oil companies' investment plans “reveal a genuine—and in some cases rather large—bet on green technologies.”

The magazine referred to remarks 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) in his keynote address during ADIPEC, where he said that “ADNOC is making today’s energy cleaner while investing in the clean energies of tomorrow.”

“Some suspect this is greenwash: all soothing noises and toothless targets after years of denying climate science and obstructing efforts to tackle global warming. On this view, the Gulf’s governments are too reliant on the revenues generated by the national energy firms—which account for a big share of state budgets to be serious about decarbonisation. Yet an examination of the leading companies' investment plans reveals a genuine—and in some cases rather large—bet on green technologies,” said the article.

"This is worth scrutinising, because the firms behind the effort matter beyond their region. National energy companies in other parts of