DUBAI, United Arab Emirates — Oil rich Abu Dhabi and its national oil company are eyeing new partnerships in carbon capture technology as rising oil
DUBAI, United Arab Emirates — Oil rich Abu Dhabi and its national oil company are eyeing new partnerships in carbon capture technology as rising oil prices put a renewed focus on big oil’s climate mitigation strategies.
“There is no credible way of reaching global climate goals without seriously advancing and ensuring the widespread adoption of carbon capture and storage,” Sultan Al Jaber, UAE Minister of Industry and Advanced Technology and Abu Dhabi National Oil Company (ADNOC) Managing Director and Group CEO said over the weekend.
Carbon capture and storage (CCS) technology aims to reduce the level of carbon that’s released into the atmosphere through conventional power generation and industrial processes by storing waste carbon in a place where it won’t enter the atmosphere, typically underground. Long-term carbon storage is a fairly new concept, and its environmental, economic and technical aspects are still being debated.
ADNOC, which pumps more than 3 million barrels of oil a day, has pledged to lower its greenhouse gas emissions and boost CO2 storage. It joins a long list of oil majors that have come under increasing pressure to speed up climate…