Geneva, Switzerland 30 05 2023 – ADNOC has joined over 200 forward-thinking companies as the newest member of the World Business Council for Sustainable Development (WBCSD).
Joining WBCSD provides ADNOC, one of the world’s leading diversified energy groups, with an opportunity for impactful collaboration to address the most pressing issues facingsociety around climate, nature and equity. ADNOC’s role as an energy company is crucial to these sustainability areas, and as a member of WBCSD, ADNOC will have access to a wealth of expertise and solutions while also being better placed to contribute to transforming global systems towards a better future.
“Sustainability continues to be fundamental to ADNOC’s growth, business resilience and long-term social and economic value creation,” said Ibrahim Al Zu’bi, Senior Vice President for Sustainability & Climate at ADNOC. “We have an ambitious roadmap ahead of us and have made great progress, and we recognize there is more to do.”
Peter Bakker, WBCSD President & CEO, commented on ADNOC’s decision to join the organization, saying, “We are thrilled to welcome ADNOC as our newest member. ADNOC is determined to lead in the energy transition agenda; our collaboration will be key in turning ambition into action and accelerating systems transformation ahead of COP28 and beyond. We will continue to work with our global community of leading businesses driving systems transformation for a better world, one in which 9+ billion can live well, within planetary boundaries, by mid-century.”
“ADNOC has indicated that they would like to focus on several key areas of action as part of WBCSD,” Bakker noted, “including climate action, nature and nature-based solutions (NBS), carbon markets, and redefining value through the integration of environmental, social, and governance (ESG) considerations into their business practices.”
As one of the least carbon-intensive oil and gas producers in the world, ADNOC is taking significant steps to make today’s energy cleaner while simultaneously investing in the clean energies of tomorrow. The company is allocating $15 billion to advance and accelerate lower-carbon solutions, including investing in new energies and decarbonization technologies to reduce its carbon intensity by 25% by 2030 and drive its NetZero by 2050 ambition. To boost the United Arab Emirate’s industrial growth and diversification, the company uses clean grid power and gas-based feedstocks to build new low-carbon value chains. ADNOC recently delivered demonstration cargoes of low-carbon ammonia to customers in Europe and Asia to support its customers’ journeys to lower emissions, and aims to build a world-scale, one-million-tons-per-annum blue ammonia production facility.
ADNOC is also a shareholder in the Abu Dhabi Future Energy Company (Masdar), which is active in 40 countries, has a joint capacity of over 15 Gigawatts of renewable energy, and plans to grow this to well over 100GW by 2030. Through its shareholding in Masdar, ADNOC aims to supply one million tons of green hydrogen by 2030.
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