UAE - Mubasher: ADNOC and Occidental inked a strategic collaboration agreement (SCA), as part of the UAE-US Partnership for Accelerating Clean Energy (PACE), to assess investment opportunities in carbon dioxide (CO2) capture and storage (CCS) hubs in the UAE and the US, according to a press release.
Upon the SCA that was penned at the beginning of August 2023, the two entities will be considering the development of direct air capture (DAC) facilities in the UAE besides executing the first megaton DAC project outside of the US.
In addition, ADNOC will explore its contribution to several US-based DAC and CO2 sequestration hubs that are under development by 1PointFive, a subsidiary of Occidental.
PACE was established in November 2022 and is projected to invest $100 billion, equivalent to AED367 billion, in clean energy and carbon management projects such as CCS and DAC by 2035.
President and CEO of Occidental, Vicki Hollub, commented: “We look forward to building on our longstanding partnership with ADNOC as we advance our plans to globally deploy DAC technology and engage partners who are committed to developing carbon solutions at climate-relevant scale.”
Executive Director of Low Carbon Solutions and International Growth at ADNOC, Musabbeh Al Kaabi, said: “This agreement highlights how the UAE-US Partnership for Accelerating Clean Energy is driving innovative climate technologies to decarbonise the energy sector.”
He added: “As we accelerate our net-zero ambition to 2045 and decarbonise operations, partnerships like this offer the potential to transform the systems that will be vital to provide the lower-carbon energy the world needs for the energy transition.”
