Adnoc, Abu Dhabi's state-run energy company, was the largest spender on low-carbon solutions among national oil companies last year, according to a report.
This comes amid a sharp decline in low-carbon spending in the global oil and gas sector last year, as energy majors focused on profitability and meeting the demand for fossil fuels.
Adnoc, which is responsible for nearly all of the UAE’s oil and gas production, initiated the highest number of new low-carbon projects among both international and national oil companies, according to an Energy Intelligence report.
That included two major carbon capture projects, taking Adnoc’s committed investment to almost four million tonnes per annum.
It also included the company’s investments through Abu Dhabi-based clean energy company Masdar, which is aiming for 100 gigawatts of renewable energy capacity by 2030.
In January, Adnoc’s board increased the company’s allocation for decarbonisation projects and technologies, and lower-carbon solutions to $23 billion from $15 billion previously.
The company, which aims to achieve net zero by 2045, plans to double its carbon capture and storage capacity target to 10 million tonnes per annum by the end of the decade, which is the equivalent of removing more than two million petrol-powered cars from the roads.
Adnoc has been using renewable energy to fulfil all of its onshore grid electricity needs since the beginning of 2022.
The company is also connecting its offshore operations to the grid in a $3.8 billion project, which has the potential to reduce its offshore carbon footprint by up to 50 per cent.
Last month, Adnoc announced that it purchased a 10.1 per cent stake in UK-based carbon capture company Storegga, marking its first international equity investment in carbon management.
“Adnoc has a long history of leveraging strategic partnerships to develop expertise and support growth ambitions,” Wood Mackenzie said in a report at the time.
The deal boosted Adnoc’s capture and storage capacity to 5.2 million tonnes per annum while expanding the company’s presence in the UK, the energy consultancy said.
The Energy Intelligence report comes after the Cop28 climate conference in Dubai, during which 50 oil and gas companies, representing less than half of global oil and gas production, pledged to reduce carbon dioxide and methane emissions.
The companies, of which 60 per cent are NOCs, signed the Oil and Gas Decarbonisation Charter, which calls for net-zero emissions by 2050 or before. They are also aiming for “near-zero” upstream methane emissions and zero routine flaring by 2030.
However, low-carbon spending announced by oil and gas companies fell by 40 per cent to $63 billion last year compared with the previous year, Energy Intelligence said.
Although European energy majors have been highly active in the space, their share of tracked activity fell last year, the report found.
While some companies have maintained their focus on renewables, others, notably Shell, significantly reduced new investment announcements last year.
“Activity elsewhere is growing fast, led by Adnoc, which announced a surge of new investments, especially around Cop28,” the report said.
“Renewable power remains the largest area of tracked activity, but new announcements fell back, while CCS saw continued strong interest.”
Global oil companies have been investing billions of dollars into carbon capture technology and hydrogen as part of their decarbonisation plans, but the International Energy Agency has warned against “excessive expectations and reliance” on carbon capture or storage.
If oil and natural gas consumption were to evolve as projected under the current policy settings, this would require an “inconceivable” 32 billion tonnes of carbon capture utilisation and storage by 2050, including 23 billion tonnes through direct air capture, the Paris-based agency said in a December report.
Global investment in carbon removal capacity is projected to range from $100 billion to $400 billion by decade's end, according to McKinsey.
The BIO:
He became the first Emirati to climb Mount Everest in 2011, from the south section in Nepal
He ascended Mount Everest the next year from the more treacherous north Tibetan side
By 2015, he had completed the Explorers Grand Slam
Last year, he conquered K2, the world’s second-highest mountain located on the Pakistan-Chinese border
He carries dried camel meat, dried dates and a wheat mixture for the final summit push
His new goal is to climb 14 peaks that are more than 8,000 metres above sea level
What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
'I Want You Back'
Director:Jason Orley
Stars:Jenny Slate, Charlie Day
Rating:4/5
Gulf Under 19s final
Dubai College A 50-12 Dubai College B
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
UAE currency: the story behind the money in your pockets
Result
Qualifier: Islamabad United beat Karachi Kings by eight wickets
Fixtures
Tuesday, Lahore: Eliminator 1 - Peshawar Zalmi v Quetta Gladiators
Wednesday, Lahore: Eliminator 2 – Karachi Kings v Winner of Eliminator 1
Sunday, Karachi: Final – Islamabad United v Winner of Eliminator 2
SPIDER-MAN%3A%20ACROSS%20THE%20SPIDER-VERSE
%3Cp%3EDirectors%3A%20Joaquim%20Dos%20Santos%2C%20Kemp%20Powers%2C%20Justin%20K.%20Thompson%3Cbr%3EStars%3A%20Shameik%20Moore%2C%20Hailee%20Steinfeld%2C%20Oscar%20Isaac%3Cbr%3ERating%3A%204%2F5%3C%2Fp%3E%0A
The Saga Continues
Wu-Tang Clan
(36 Chambers / Entertainment One)
UAE currency: the story behind the money in your pockets
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
The Rub of Time: Bellow, Nabokov, Hitchens, Travolta, Trump and Other Pieces 1986-2016
Martin Amis,
Jonathan Cape
What is dialysis?
Dialysis is a way of cleaning your blood when your kidneys fail and can no longer do the job.
It gets rid of your body's wastes, extra salt and water, and helps to control your blood pressure. The main cause of kidney failure is diabetes and hypertension.
There are two kinds of dialysis — haemodialysis and peritoneal.
In haemodialysis, blood is pumped out of your body to an artificial kidney machine that filter your blood and returns it to your body by tubes.
In peritoneal dialysis, the inside lining of your own belly acts as a natural filter. Wastes are taken out by means of a cleansing fluid which is washed in and out of your belly in cycles.
It isn’t an option for everyone but if eligible, can be done at home by the patient or caregiver. This, as opposed to home haemodialysis, is covered by insurance in the UAE.
Mina Cup winners
Under 12 – Minerva Academy
Under 14 – Unam Pumas
Under 16 – Fursan Hispania
Under 18 – Madenat
Killing of Qassem Suleimani
HEADLINE HERE
- I would recommend writing out the text in the body
- And then copy into this box
- It can be as long as you link
- But I recommend you use the bullet point function (see red square)
- Or try to keep the word count down
- Be wary of other embeds lengthy fact boxes could crash into
- That's about it
The specs: 2018 Genesis G70
Price, base / as tested: Dh155,000 / Dh205,000
Engine: 3.3-litre, turbocharged V6
Gearbox: Eight-speed automatic
Power: 370hp @ 6,000rpm
Torque: 510Nm @ 1,300rpm
Fuel economy, combined: 10.6L / 100km
'Will%20of%20the%20People'
%3Cp%3E%3Cstrong%3EArtist%3A%20%3C%2Fstrong%3EMuse%3Cbr%3E%3Cstrong%3ELabel%3A%20%3C%2Fstrong%3EWarner%3Cbr%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%202.5%2F5%3C%2Fp%3E%0A
UAE currency: the story behind the money in your pockets
5 of the most-popular Airbnb locations in Dubai
Bobby Grudziecki, chief operating officer of Frank Porter, identifies the five most popular areas in Dubai for those looking to make the most out of their properties and the rates owners can secure:
• Dubai Marina
The Marina and Jumeirah Beach Residence are popular locations, says Mr Grudziecki, due to their closeness to the beach, restaurants and hotels.
Frank Porter’s average Airbnb rent:
One bedroom: Dh482 to Dh739
Two bedroom: Dh627 to Dh960
Three bedroom: Dh721 to Dh1,104
• Downtown
Within walking distance of the Dubai Mall, Burj Khalifa and the famous fountains, this location combines business and leisure. “Sure it’s for tourists,” says Mr Grudziecki. “Though Downtown [still caters to business people] because it’s close to Dubai International Financial Centre."
Frank Porter’s average Airbnb rent:
One bedroom: Dh497 to Dh772
Two bedroom: Dh646 to Dh1,003
Three bedroom: Dh743 to Dh1,154
• City Walk
The rising star of the Dubai property market, this area is lined with pristine sidewalks, boutiques and cafes and close to the new entertainment venue Coca Cola Arena. “Downtown and Marina are pretty much the same prices,” Mr Grudziecki says, “but City Walk is higher.”
Frank Porter’s average Airbnb rent:
One bedroom: Dh524 to Dh809
Two bedroom: Dh682 to Dh1,052
Three bedroom: Dh784 to Dh1,210
• Jumeirah Lake Towers
Dubai Marina’s little brother JLT resides on the other side of Sheikh Zayed road but is still close enough to beachside outlets and attractions. The big selling point for Airbnb renters, however, is that “it’s cheaper than Dubai Marina”, Mr Grudziecki says.
Frank Porter’s average Airbnb rent:
One bedroom: Dh422 to Dh629
Two bedroom: Dh549 to Dh818
Three bedroom: Dh631 to Dh941
• Palm Jumeirah
Palm Jumeirah's proximity to luxury resorts is attractive, especially for big families, says Mr Grudziecki, as Airbnb renters can secure competitive rates on one of the world’s most famous tourist destinations.
Frank Porter’s average Airbnb rent:
One bedroom: Dh503 to Dh770
Two bedroom: Dh654 to Dh1,002
Three bedroom: Dh752 to Dh1,152
Killing of Qassem Suleimani
BIGGEST CYBER SECURITY INCIDENTS IN RECENT TIMES
SolarWinds supply chain attack: Came to light in December 2020 but had taken root for several months, compromising major tech companies, governments and its entities
Microsoft Exchange server exploitation: March 2021; attackers used a vulnerability to steal emails
Kaseya attack: July 2021; ransomware hit perpetrated REvil, resulting in severe downtime for more than 1,000 companies
Log4j breach: December 2021; attackers exploited the Java-written code to inflitrate businesses and governments
RESULTS
5pm: Maiden | Dh80,000 | 1,600m
Winner: AF Al Moreeb, Tadhg O’Shea (jockey), Ernst Oertel (trainer)
5.30pm: Handicap | Dh80,000 | 1,600m
Winner: AF Makerah, Adrie de Vries, Ernst Oertel
6pm: Handicap | Dh80,000 | 2,200m
Winner: Hazeme, Richard Mullen, Jean de Roualle
6.30pm: Handicap | Dh85,000 | 2,200m
Winner: AF Yatroq, Brett Doyle, Ernst Oertel
7pm: Shadwell Farm for Private Owners Handicap | Dh70,000 | 2,200m
Winner: Nawwaf KB, Patrick Cosgrave, Helal Al Alawi
7.30pm: Handicap (TB) | Dh100,000 | 1,600m
Winner: Treasured Times, Bernardo Pinheiro, Rashed Bouresly
