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Published on 13/01/2020 2:58:59 PM | Source: Reuters

UAE`s ADNOC to double renewable energy portfolio in next ten years

Posted in Top Stories| #World Market #United Arab Emirates

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ABU DHABI - Abu Dhabi National Oil Co (ADNOC) grew its renewable energy portfolio by more than 400% in the last 10 years, and is on track to double that again in the coming decade, chief executive Sultan al-Jaber said on Monday.

"We will increase our carbon capture utilization and storage program by 500 per cent…to capture the same amount of C02 as 5 million acres of forest," Jaber told a sustainable energy event in the United Arab Emirates capital Abu Dhabi.

ADNOC will also reduce greenhouse gas intensity by an additional 25% and limit fresh water consumption to below 0.5% of total water use.

Indonesian President Joko Widodo, visiting Abu Dhabi for the sustainability event, called for more investments in clean energy in his country and said its new capital, currently under construction, would adopt a environmentally friendly and low carbon lifestyle.

"Climate change and environmental challenges will define this century," he told the conference.

Indonesia signed 11 business deals with the United Arab Emirates worth a combined 314.9 trillion rupiah ($23 billion) covering investment in energy and other sectors, Widodo said via his Twitter account on Monday.

ADNOC signed agreements with Indonesia's Pertamina and Chandra Asri in the petrochemical and gas sectors on Sunday.

(Reporting by Dahlia Nehme, Writing by Maha El Dahan; Editing by Alex Richardson)