ADNOC’s Role : DUBAI, July 31 – ADNOC has advanced its net zero carbon emissions target to 2045. The UAE will host a U.N. climate meeting in December.
ADNOC plans to increase oil and gas production, and has released emissions for the first time. In 2022, emissions were about 24 million metric tons of CO2. The news precedes Dubai hosting the COP28 climate summit, led by ADNOC Chief Executive Sultan al-Jaber, which has been criticized by climate activists.
As the UAE controls nearly 3% of global oil supply, it recognizes its impact on greenhouse gases.
ADNOC’s upstream carbon intensity is around 7 kg CO2e per barrel, one of the world’s lowest. ADNOC aimed to cut greenhouse gas emissions by 25% and boost carbon capture, use, and storage by 500% by 2030. Now, it aims to cut carbon emissions by 25% by 2030.
Even if intensity-based goals measure GHG emissions per unit of energy or barrel of oil and gas produced, absolute emissions can still increase if production increases.
ADNOC will reduce methane in the upstream by 0.15% by 2025. A recent report indicates that methane levels in the upstream will be around 0.07% in 2022, demonstrating their dedication to transparency and progress.
Saudi Aramco, a larger competitor, disclosed its Scope 1 and 2 emissions in its sustainability reports for 2021 and 2022, unlike most Gulf national oil companies (NOCs).
Unlike European oil companies like Exxon, ADNOC and other Middle Eastern NOCs haven’t set goals for Scope 3 emissions, which are the majority of emissions from the use of their fuels.
ADNOC didn’t mention Scope 3 in its Monday statement. Instead, it focused on measuring, reporting, and managing their direct emissions.
Despite regional variations in transparency rules, ADNOC’s plans and commitment to carbon neutrality highlight the crucial role of NOCs in addressing climate change.
Yousef Saba reported; Hadeel Al Sayegh and Ron Bousso contributed; Nadine Awadalla, Louise Heavens, and Alexander Smith edited.