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ADNOC Says to Double UAE's Renewable Energy Portfolio in Next 10 Years

Sultan Ahmed Al Jaber, UAE Minister of State and the Abu Dhabi National Oil Company (ADNOC) Group CEO, is seen on a screen during the Future Investment Initiative conference in Riyadh, Saudi Arabia, October 30, 2019. REUTERS/Hamad I Mohammed/File Photo
Sultan Ahmed Al Jaber, UAE Minister of State and the Abu Dhabi National Oil Company (ADNOC) Group CEO, is seen on a screen during the Future Investment Initiative conference in Riyadh, Saudi Arabia, October 30, 2019. REUTERS/Hamad I Mohammed/File Photo
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ADNOC Says to Double UAE's Renewable Energy Portfolio in Next 10 Years

Sultan Ahmed Al Jaber, UAE Minister of State and the Abu Dhabi National Oil Company (ADNOC) Group CEO, is seen on a screen during the Future Investment Initiative conference in Riyadh, Saudi Arabia, October 30, 2019. REUTERS/Hamad I Mohammed/File Photo
Sultan Ahmed Al Jaber, UAE Minister of State and the Abu Dhabi National Oil Company (ADNOC) Group CEO, is seen on a screen during the Future Investment Initiative conference in Riyadh, Saudi Arabia, October 30, 2019. REUTERS/Hamad I Mohammed/File Photo

The United Arab Emirates grew its renewable energy portfolio by more than 400% in the last 10 years, and is on track to double that again in the coming decade, Abu Dhabi National Oil Co. chief executive Sultan al-Jaber said on Monday.

“We (ADNOC) will increase our carbon capture utilization and storage program by 500 percent…to capture the same amount of C02 as 5 million acres of forest,” Jaber also told a sustainable energy event in the United Arab Emirates capital Abu Dhabi.

ADNOC will also reduce greenhouse gas intensity by an additional 25% and limit freshwater consumption to below 0.5% of total water use.

Indonesian President Joko Widodo, visiting Abu Dhabi for the sustainability event, called for more investments in clean energy in his country and said its new capital, currently under construction, would adopt an environmentally friendly and low carbon lifestyle.

“Climate change and environmental challenges will define this century,” he told the conference.

Indonesia signed 11 business deals with the United Arab Emirates worth a combined 314.9 trillion rupiah ($23 billion) covering investment in energy and other sectors, Widodo said via his Twitter account on Monday.

ADNOC signed agreements with Indonesia’s Pertamina and Chandra Asri in the petrochemical and gas sectors on Sunday.

The UAE plans to invest in Indonesia's infrastructure and energy sectors, Bloomberg reported citing a statement by the Indonesian cabinet secretariat on Monday. Japan’s SoftBank Group and the US International Development Finance Corporation are also eyeing taking part in the fund which is key in helping Indonesia meet its ambitious infrastructure program, which requires more than $400bn of investment over the next five years.

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Gulf

Gulf Leaders Convene in Kuwait

The Gulf Summit on Sunday will discuss regional and international challenges. (KUNA)
The Gulf Summit on Sunday will discuss regional and international challenges. (KUNA)
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Gulf Leaders Convene in Kuwait

The Gulf Summit on Sunday will discuss regional and international challenges. (KUNA)
The Gulf Summit on Sunday will discuss regional and international challenges. (KUNA)

The 45th Summit of the Gulf Cooperation Council (GCC) is taking place this Sunday in Kuwait, focusing on key regional and international developments. Topics on the agenda include the ongoing conflict in Gaza, developments in Lebanon, Red Sea security, and recent events in Syria. Additionally, the summit will address critical issues within the GCC, such as military, security, and economic cooperation among the six member states.

The GCC leaders are also exploring ways to enhance economic and political cooperation with global partners, particularly China.

GCC Secretary-General Jasem Mohamed Al-Budaiwi announced that negotiations for a free trade agreement with China have reached their final stage, with hopes for completion in December or the near future.

Al-Budaiwi emphasized the Gulf states’ esteemed position on the global stage, achieved through a unified foreign policy committed to international peace and security.

In a media briefing, Al-Budaiwi remarked: “The international community views the GCC as a credible and trusted strategic partner with no hidden agendas.”

Regional and International Challenges

Gulf diplomats and analysts note that the summit, held amidst significant global and regional turmoil, will focus on pressing challenges.

Former GCC Secretary-General Dr. Abdullah Bishara stated: “This summit comes at a time of critical uncertainties in the region and the world, necessitating decisive and appropriate actions by GCC states and the adoption of effective diplomacy.”

Bishara added that more than 40 years after the GCC’s inception, the framework for cooperation requires further enhancement, particularly in defense, security, diplomacy, and economic collaboration.

Dr. Mohamed Al-Rumaihi, a sociology professor at Kuwait University, noted that the GCC has steered the region through pivotal crises, including the Iran-Iraq War, the liberation of Kuwait, the Arab Spring, and the COVID-19 pandemic. He praised the wisdom of GCC leaders, which has prevented the region from sliding into wars and conflicts while achieving significant economic milestones.

Dr. Yaqoub Al-Kandari, an anthropologist and acting director of the Center for Gulf and Arabian Peninsula Studies at Kuwait University, pointed out that the summit will address pressing regional and international challenges, particularly the Palestinian issue and Israeli aggression in Gaza and Lebanon.

For his part, former Kuwaiti Information Minister Saad Bin Tafla described the summit as a testament to the GCC’s seriousness in addressing regional challenges, recalling the Gulf states’ united stance during Iraq’s invasion of Kuwait in 1990.

Dr. Aayed Al-Mana, a political researcher, stressed that this summit prioritizes security and economic issues. He highlighted the need for enhanced economic integration among GCC states, diversification of income sources, and the development of local industries to achieve self-sufficiency.

Al-Mana further noted that regional challenges, including Israeli aggression in Gaza and South Lebanon and tensions in the Red Sea, demand unified Gulf coordination. He called for developing shared laws among GCC states, particularly in economy, mobility, and investment, to foster greater regional cohesion.