Last Updated on January 28, 2024 by News Editor
ADNOC has recently acquired a 10.1% equity stake in Storegga, aligning with its strategic goal of using carbon management partnerships and technology to speed up decarbonization efforts. This move is supported by their significant $15 billion investment in low-carbon solutions. ADNOC has also recently advanced its goals to achieve net-zero emissions by 2045 from 2050, as well as zero methane emissions by 2030.
ADNOC’s Carbon Capture Commitment
Musabbeh Al Kaabi, Executive Director for Low Carbon Solutions and International Growth at ADNOC expressed that the strategic investment is a major step forward in the company’s efforts to reduce carbon emissions. In addition, he shared that the company is committed to working with partners from a variety of fields to develop realistic solutions for achieving a future with net-zero energy. Al Kaabi also highlighted the importance of carbon capture as a way to reduce emissions sustainably and help reach global climate goals. He moved on to say that ADNOC hopes to use this technology more to achieve its goal of net-zero emissions by 2045.
UAE Company Aims for 10 Million Tons Carbon Capture Capacity
The company aims to collect enough carbon dioxide by 2030 to remove 10 million tons per year. This is equal to taking about two million cars with internal combustion engines off the roads. The UAE multinational company says that its carbon management strategy follows the guidelines set by the Intergovernmental Panel on Climate Change (IPCC). The IPCC calls carbon capture and storage (CCS) “a critical enabler” for the world to reach net-zero emissions by 2050.
Nick Cooper, the CEO of Storegga, pointed out that the world needs strategic relationships to make the move to a low-carbon future possible, effective, and affordable. He indicated that Storegga is ready to work with traditional energy companies to speed up the process of reducing carbon emissions around the world by putting in place cost-effective Carbon Capture and Storage (CCS).
Storegga’s Expanding Portfolio
Storegga has carbon capture projects with assets in Norway, the United States, and the United Kingdom. The UK’s Acorn CCS project, which the company is spearheading, has the potential to store up to 10 million tons of CO2 yearly by 2030.
The company has also obtained a license to develop the Trudavang CCS project in Norway with its partners. Also, Storegga is creating other CCS prospects in the USA, with the Harvest Bend CCS project in Louisiana being the most developed.
However, with a capacity of 800,000 tons of CO2 annually, ADNOC runs Al Reyadah, which is reportedly the first commercial-scale operation in the world to collect and store CO2 from the steel industry.
ADNOC’s strategic investment at Storegga highlights a key phase in the global drive of decarbonization. As companies collaborate and invest in new carbon capture and storage systems, the synergy between ADNOC and Storegga embodies a collective commitment to address climate concerns and speed up the transition to a sustainable, low-carbon future.