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No question, any decarbonization drive needs energy industry to pull together

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By illuminem briefings

· 2 min read

illuminem summarizes for you the essential news of the day. Read the full piece on Gulf News or enjoy below

🗞️ Driving the news: Despite some major players' reluctance to move away from oil and certain governments softening climate policies, the energy sector is uniting to focus on decarbonization and achieve net-zero goals by mid-century

🔭 The context: ADIPEC in Abu Dhabi highlighted the industry's commitment to decarbonization, introducing the ADIPEC Decarbonization Accelerator area
• Dr. Sultan Al Jaber, UAE Minister of Industry and Advanced Technology and Group CEO of ADNOC, emphasized the need for fossil fuel-based businesses to align with net-zero goals

🌍 Why it matters for the planet: To combat the pressing environmental challenges threatening our planet, achieving net-zero is paramount
• ADNOC, recognizing its pivotal role, aims to reduce its operational carbon emissions intensity by 25% by 2030, and further commits to neutralizing emissions from its upstream operations by 2045 using advanced technologies like carbon capture

⏭️ What's next: The energy sector's investment in decarbonization must be collective, for this reason suppliers to the energy industry, such as Lamprell, are already diversifying into renewables, showcasing the industry's commitment to a sustainable future

💬 One quote: "So, the ‘energy trilemma’ remains: how do energy sector companies... help to provide energy that’s affordable, clean and secure for all – whilst remaining profitable. ‘Cautiously, decarbonizing, faster, together’" (Ashley Taylor, Alvarez & Marsal’s Energy Industry Group)

📈 One stat: ADNOC plans to capture 10 million tons of carbon per year by 2030, doubling its carbon capture target

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