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ADNOC Allocates $15 Bn to Low-Carbon Solutions

The ADNOC headquarters in Abu Dhabi. (WAM)
The ADNOC headquarters in Abu Dhabi. (WAM)
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ADNOC Allocates $15 Bn to Low-Carbon Solutions

The ADNOC headquarters in Abu Dhabi. (WAM)
The ADNOC headquarters in Abu Dhabi. (WAM)

ADNOC allocated $15 billion for landmark decarbonization projects by 2030, including carbon capture, electrification, new CO2 absorption technology, and enhanced investments in hydrogen and renewables.  

The announcement followed the guidance of ADNOC's Board of Directors in November 2022 to accelerate the delivery of its low-carbon growth strategy and approve its Net Zero by 2050 ambition. 

It was established on ADNOC's strong track record as a leading lower-carbon intensity energy producer, which includes its use of zero-carbon grid power, a commitment to zero flaring as part of routine operations, and deployment of the region's first carbon capture project at scale. 

ADNOC's projects would include investments in clean power, carbon capture and storage (CCS), further electrification of its operations, energy efficiency, and new measures to build on ADNOC's long-standing policy of zero routine gas flaring.  

ADNOC would also apply a rigorous commercial and sustainability assessment to ensure that each project delivers lasting, tangible impact.  

Throughout 2023, a suite of new projects and initiatives will be announced, including a first-of-its-kind CCS project, innovative carbon removal technologies, investment in new, cleaner energy solutions, and strengthening of international partnerships.  

Aside from the formation of ADNOC's new Low Carbon Solutions and International Growth Directorate, the projects represent tangible and concrete action as the company reduces its carbon intensity by 25 percent by 2030 and moves towards its Net Zero by 2050 ambition.  

UAE Minister of Industry and Advanced Technology, Sultan al-Jaber stressed that ADNOC continues to take significant steps to make today's energy cleaner while investing in the clean energies and new technologies of tomorrow.  

Jaber, ADNOC Managing Director and CEO, noted that now, more than ever, the world needs a practical and responsible approach to the energy transition that is both pro-growth and pro-climate, and ADNOC is delivering tangible actions in support of both these goals.  

"Cementing our strong track record of responsible and reliable energy production, ADNOC will fast-track significant investments into landmark clean energy, low-carbon, and decarbonization technology projects," he remarked.  

"We continue to future-proof our business. We invite technology and industry leaders to partner with us, to collectively drive real and meaningful action that embraces the energy transition," he said.  

Jaber asserted that the strategic, multi-billion-dollar initiative underscores ADNOC's industry leadership as a leading global provider of lower-carbon energy.  

Building on ADNOC's al-Reyadah facility, which can capture up to 800,000 tons of CO2 per year, the company will announce plans to deploy technologies to capture, store, and absorb CO2.  

ADNOC is leveraging the UAE's geological properties while preparing for its next significant investment to capture emissions from its Habshan gas processing facility.  

The company planned to expand its carbon capture capacity to 5 million tons per annum by 2030, firmly establishing the UAE as a worldwide hub for carbon capture expertise and innovation. 

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Business

US Economy Grew at Solid 3% Rate Last Quarter, Government Says in Final Estimate

FILE - The New York Stock Exchange, at rear, is shown on Sept. 24, 2024, in New York. (AP Photo/Peter Morgan, File)
FILE - The New York Stock Exchange, at rear, is shown on Sept. 24, 2024, in New York. (AP Photo/Peter Morgan, File)
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US Economy Grew at Solid 3% Rate Last Quarter, Government Says in Final Estimate

FILE - The New York Stock Exchange, at rear, is shown on Sept. 24, 2024, in New York. (AP Photo/Peter Morgan, File)
FILE - The New York Stock Exchange, at rear, is shown on Sept. 24, 2024, in New York. (AP Photo/Peter Morgan, File)

The American economy expanded at a healthy 3% annual pace from April through June, boosted by strong consumer spending and business investment, the government said Thursday, leaving its previous estimate unchanged.
The Commerce Department reported that the nation's gross domestic product — the nation's total output of goods and services — picked up sharply in the second quarter from the tepid 1.6% annual rate in the first three months of the year, The Associated Press reported.
Consumer spending, the primary driver of the economy, grew last quarter at a 2.8% pace, down slightly from the 2.9% rate the government had previously estimated. Business investment was also solid: It increased at a vigorous 8.3% annual pace last quarter, led by a 9.8% rise in investment in equipment.
The final GDP estimate for the April-June quarter included figures showing that inflation continues to ease, to just above the Federal Reserve’s 2% target. The central bank’s favored inflation gauge — the personal consumption expenditures index, or PCE — rose at a 2.5% annual rate last quarter, down from 3% in the first quarter of the year. Excluding volatile food and energy prices, so-called core PCE inflation grew at a 2.8% pace, down from 3.7% from January through March.
The US economy, the world's biggest, displayed remarkable resilience in the face of the 11 interest rate hikes the Fed carried out in 2022 and 2023 to fight the worst bout of inflation in four decades. Since peaking at 9.1% in mid-2022, annual inflation as measured by the consumer price index has tumbled to 2.5%.
Despite the surge in borrowing rates, the economy kept growing and employers kept hiring. Still, the job market has shown signs of weakness in recent months. From June through August, America's employers added an average of just 116,000 jobs a month, the lowest three-month average since mid-2020, when the COVID pandemic had paralyzed the economy. The unemployment rate has ticked up from a half-century low 3.4% last year to 4.2%, still relatively low.
Last week, responding to the steady drop in inflation and growing evidence of a more sluggish job market, the Fed cut its benchmark interest rate by an unusually large half-point. The rate cut, the Fed’s first in more than four years, reflected its new focus on shoring up the job market now that inflation has largely been tamed.
Some other barometers of the economy still look healthy. Americans last month increased their spending at retailers, for example, suggesting that consumers are still able and willing to spend more despite the cumulative impact of three years of excess inflation and high borrowing rates. The nation’s industrial production rebounded. The pace of single-family-home construction rose sharply from the pace a year earlier.
And this month, consumer sentiment rose for a third straight month, according to preliminary figures from the University of Michigan. The brighter outlook was driven by “more favorable prices as perceived by consumers” for cars, appliances, furniture and other long-lasting goods.
A category within GDP that measures the economy’s underlying strength rose at a healthy 2.7% annual rate, though that was down from 2.9% in the first quarter. This category includes consumer spending and private investment but excludes volatile items like exports, inventories and government spending.
Though the Fed now believes inflation is largely defeated, many Americans remain upset with still-high prices for groceries, gas, rent and other necessities. Former President Donald Trump blames the Biden-Harris administration for sparking an inflationary surge. Vice President Kamala Harris, in turn, has charged that Trump’s promise to slap tariffs on all imports would raise prices for consumers even further.
On Thursday, the Commerce Department also issued revisions to previous GDP estimates. From 2018 through 2023, growth was mostly higher — an average annual rate of 2.3%, up from a previously reported 2.1% — largely because of upward revisions to consumer spending. The revisions showed that GDP grew 2.9% last year, up from the 2.5% previously reported.
Thursday’s report was the government’s third and final estimate of GDP growth for the April-June quarter. It will release its initial estimate of July-September GDP growth on Oct. 30.