The head of global climate change talks starting in Dubai this week has strongly denied using his position to advance the United Arab Emirates’ commercial interests.
Sultan Al Jaber
It is time developing countries take a page from the Willie Sutton play book and look to the oil industry for funding their energy transition – that’s where the money is.
The briefing pack on the various countries often reiterated one point. “There is no conflict between sustainable development of any country’s natural resources and its commitment to climate change.”
The Oily money out campaign has said it does not expect those protesting to be arrested, but cannot rule it out.
“This is the year to show the world you are central to the solution. This industry can change the global debate and can change the global outcome,” Al Jaber said.
Masdar will stump up $2bn of equity, with another $8bn in project financing and through its Infinity Power venture. The Abu Dhabi-based company intends to reach 10 GW of clean energy in Africa by 2030.
“We are increasingly aware of the reputational challenges posed by our brand name and positioning,” the centre reported Adnoc as saying.
The plan involves developing 2 GW of renewable energy in Angola, 1 GW in Uganda and 2 GW in Zambia. The agreement with Zambia set out plans to work on wind, solar and hydropower.
Adnoc has struck a deal to buy a 24.9% stake in Austria’s OMV, for an undisclosed price, from Mubadala Investment.
Adnoc has brought forwards its plans to reach 5 million barrels per day of production, while boosting reserves and setting out plans for an IPO of a new gas unit.
In a major COP27 move, Masdar has signed up to develop a 10 GW onshore wind project in Egypt, said to be one of the largest such plans in the world.
The Middle East’s investments in energy will see the region come to lead in the energy transition, Wood CEO Ken Gilmartin has said.
Adnoc CEO Sultan Al Jaber has called for the world to produce from all the energy sources it can, while minimising emissions.
Adnoc has strengthened its low-carbon ties with Japan, signing deals on blue hydrogen and ammonia, during a three-day visit.
Masdar has signed up to develop green hydrogen in the Suez Canal economic zone. This follows a number of similar agreements from United Arab Emirates-based companies with Egypt.
Eni has discovered gas at its first exploration well drilled offshore Abu Dhabi, in the offshore Block 2.
In climate circles, ‘energy transition’ is the phrase on everyone’s lips. The global effort to shift energy generation away from polluting fossil fuels to clean, green renewables is as massive a challenge as anything the world has faced.
Abu Dhabi’s TA’ZIZ has signed up local private sector investors to back a portfolio of chemicals projects
Adnoc and TAQA have set out a plan to take a leading stake in Masdar’s renewable energy and hydrogen businesses.
“If we are to successfully transition to the energy system of tomorrow, we cannot simply unplug from the energy system of today,” Adnoc CEO Dr Sultan Al Jaber warned the ADIPEC conference in Abu Dhabi this month.
Helmerich & Payne (H&P) will buy into Adnoc Drilling’s upcoming IPO, with the Abu Dhabi company buying eight land rigs from the US company.
A Pakistani group of companies has won Offshore Block 5, offshore Abu Dhabi, under its second bid round.
The OPEC+ oil cartel is facing its biggest crisis since a price war at the start of the coronavirus pandemic.
Intercontinental Exchange (ICE) has begun trading Murban Futures, the fruition of the plan launched in November 2019.
The day before US President Joe Biden was inaugurated in Washington DC, Adnoc’s CEO was speaking in support of the ties that bind the two.