Adnoc, Taqa form global green energy venture

Khaled bin Mohamed bin Zayed launched global green energy venture with a total generating capacity of at least 30GW of renewable energy by 2030.

Abu Dhabi National Oil Company (Adnoc) and Abu Dhabi National Energy Company (Taqa) launched a new global renewable energy and green hydrogen venture with a total generating capacity of at least 30GW by 2030.

The new clean energy venture will position Abu Dhabi and the UAE at the forefront of the energy transition and further advance its global leadership role in green hydrogen.

Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Member of the Abu Dhabi Executive Council, Chairman of the Abu Dhabi Executive Office, and Chairman of the Executive Committee of the Board of Directors of Adnoc, emphasised how the UAE continues to proactively advance practical solutions and capitalise on opportunities to secure a lower carbon future as the nation works to achieve its ‘Net-Zero by 2050 Strategic Initiative’.

The new strategic partnership will focus on domestic and international renewable energy and waste-to-energy projects as well as the production, processing and storage of green hydrogen and ancillary activities. The new partnership will leverage Adnoc’s energy and hydrogen capabilities and Taqa’s renewables expertise, with bold aspirations for significant local and international growth.

The agreement was signed in the presence of Sheikh Khaled by Dr Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology and Adnoc Managing Director and Group CEO, and Mohamed Hassan Alsuwaidi, Chairman of Taqa at the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC).

Terming the venture as a bold initiative, Dr Al Jaber said: “Today’s strategic partnership between two Abu Dhabi energy giants future-proofs Adnoc’s business model, creating compelling business and commercial opportunities, as we fully embrace the energy transition. This innovative and collaborative venture is a bold new initiative, as it combines both companies’ respective areas of expertise and paves the way for our viable entry into the clean energy space. This platform will enable Adnoc to capitalise on the many renewable energy and hydrogen opportunities, both locally and globally.”

Dr Al Jaber also invited other partners to join the new venture.

“As the UAE looks ahead to hosting COP 28 in 2023, our nation pledges an inclusive energy ecosystem, enabling sustainable future economic growth, for the benefit of Abu Dhabi and the UAE.”

The landmark clean energy partnership brings Adnoc and Taqa’s green hydrogen development projects together by combining Taqa’s expertise in the development and optimisation of renewable power, in particular low-cost solar power and Adnoc’s ongoing efforts to create domestic and international hydrogen value chains.

Alsuwaidi said: “Taqa has set out to become a champion for low carbon power and water and is already a world leader in solar power. This partnership between Taqa and Adnoc will be a powerful catalyst to unlock significant potential for accelerating the green hydrogen market and rapidly expanding renewable energy. Taqa is supporting Abu Dhabi’s aim to be a green hydrogen hub using our expertise in low-cost solar PV and desalinated water: two critical elements for green hydrogen.”

— ashwani@khaleejtimes.com