ADNOC, Occidental partner to explore investment in carbon capture in the UAE and US

Dubai: ADNOC and Occidental Petroleum announced on Tuesday their collaboration to explore investment opportunities in direct-air capture (DAC) and carbon dioxide sequestration hubs in both the US and UAE.

This partnership is made possible by the UAE-US Partnership for Accelerating Clean Energy (PACE), launched in November 2022, which aims to catalyze $100 billion (Dh367 billion) in clean energy and carbon management projects, including CCS and DAC, by 2035.

In January 2023, PACE established an expert body co-chaired by Dr. Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology, and ADNOC Managing Director and Group CEO, and Amos Hochstein, White House Senior Advisor for Energy and Investment.

Amos Hochstein, Senior Advisor for Energy and Investment at the White House, commented, “The world needs various technologies, including DAC and CCUS, to achieve global climate goals. This announcement showcases the potential of the US-UAE Partnership for Accelerating Clean Energy (PACE). I am eager to witness the outcomes of this agreement.”

According to the Intergovernmental Panel on Climate Change (IPCC), investments in CCS and DAC will play a critical role in mitigating climate change.

“We look forward to building on our longstanding partnership with ADNOC as we advance our plans to globally deploy DAC technology and engage partners who are committed to developing carbon solutions at climate-relevant scale,” Vicki Hollub, President and CEO at Occidental. “Partnerships like this one are essential to helping the world reach its climate goals and ensure it has the resources it needs to thrive through the energy transition.”