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UAE President shines light on need for sustainable future at ADNOC Board of Directors meeting

 

UAE President HH Sheikh Mohamed bin Zayed has directed the Abu Dhabi National Oil Company (ADNOC) to grow its diversified portfolio and ensure a secure and responsible energy supply. The meeting follows the COP28 climate conference in Dubai, which marked significant milestones. The Loss and Damage Fund will compensate developing countries for climate change consequences and transition away from fossil fuels.

ADNOC is a catalyst for the UAE’s economic and industrial growth, with a budget allocation of Dh84.4 billion ($23 billion) for decarbonisation projects, technologies, and lower-carbon solutions. The board endorsed the company’s ambition to drive Dh178 billion back into the Emirati economy over the next five years. ADNOC created 6,500 jobs for UAE nationals in the private sector through its In-Country Value (ICV) programme in partnership with the Emirati Talent Competitiveness Council (Nafis).

The board also heard ADNOC’s steps to meet its Net Zero by 2045 target and directed the company to deploy leading-edge technologies to accelerate renewables growth, decarbonisation, and lower-carbon solutions. The board also emphasized ADNOC’s focus on supporting the country’s ‘Make it in the Emirates’ initiative by promoting local manufacturing of critical industrial products in its supply chain.

The company’s Corporate Social Responsibility (CSR) programme has positively impacted millions of lives across the Emirates, encouraging investments in STEM, sports, cultural and community, natural heritage, and local environmental projects.

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