· 2 min read
illuminem summarizes for you the essential news of the day. Read the full piece on Nikkei Asia or enjoy below:
🗞️ Driving the news: The UAE, through its national oil company ADNOC, is set to invest $23 billion over the next five years in low-carbon energy, particularly hydrogen and ammonia
• This initiative aims to secure a 5% share of global clean hydrogen production by 2030, with plans for production in both the UAE and Texas, U.S.
🔭 The context: While the UAE remains committed to its oil and gas sectors, it is simultaneously advancing its clean energy transition by focusing on hydrogen and ammonia, crucial for decarbonization
• These low-carbon fuels will be exported primarily to Asia and Europe, regions driving demand for cleaner energy sources
🌍 Why it matters for the planet: The UAE’s investment signals a shift towards greener energy solutions from a major oil producer, reflecting the growing global focus on hydrogen as a key player in the fight against climate change
⏭️ What's next: ADNOC’s strategic move will be pivotal in positioning the UAE as a significant player in the clean hydrogen market, contributing to global emissions reduction efforts while maintaining its role as a major energy exporter
💬 One quote: "We aim to capture 5% of the world's clean hydrogen production by 2030." — Musabbeh Al Kaabi, ADNOC
📈 One stat: $23 billion will be invested by ADNOC in low-carbon energy over five years
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