UAE to invest $23bn in low-carbon energy solutions over next 5 years

RYOSUKE HANAFUSA | Posted 10/03/2024

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Keyword Tags: Hydrogen Ammonia Renewable Energy Low-Carbon Economy Carbon Capture

HOUSTON, Texas -- The United Arab Emirates will invest $23 billion over five years in next-generation low-carbon energy like hydrogen and ammonia, aiming to capture 5% of the world's clean hydrogen production by 2030, a top executive at Abu Dhabi National Oil Company (ADNOC) told Nikkei.

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The United Arab Emirates plans to invest $23 billion in next-generation low-carbon energy such as hydrogen and ammonia over the next five years, with a goal to capture 5% of the world's clean hydrogen production by 2030. The Abu Dhabi National Oil Company (ADNOC) will focus on producing blue hydrogen, derived from fossil fuels with low emissions, and green hydrogen, derived from renewable sources, alongside ammonia production in UAE and Texas.

ADNOC aims to export ammonia to countries like Japan, South Korea, and Europe, supporting efforts to decarbonize in these regions. The UAE also plans to capture and store up to 10 million tonnes of carbon dioxide yearly by 2030, equivalent to removing emissions from 2.4 million vehicles annually. With a dual strategy of fossil fuel production and low-carbon energy supply, the UAE is working towards balancing energy demands and emissions reductions, including electrifying offshore oil fields to reduce greenhouse gas emissions.

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Source Link: https://asia.nikkei.com/Spotlight/Environment/UAE-to-invest-23bn-in-low-carbon-energy-solutions-over-next-5-years

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UAE to invest $23bn in low-carbon energy solutions over next 5 years

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