According to a report by Bloomberg, the United Arab Emirates and Australia’s Santos Ltd. are collaborating on carbon management and technology to capture emissions that contribute to global warming.
The partnership aims to develop technology to support customers in the Asia-Pacific region as they strive to reduce emissions, according to a statement from Abu Dhabi National Oil Co. (ADNOC). This technology is highly sought after by oil industries and is viewed as an important tool in fighting climate change. While companies like Exxon Mobil Corp. have supported the potential of carbon capture, there have been concerns about its cost and scale needed for effective emission reduction.
The UAE ranks third in the list of the world’s biggest oil producers, and it has declared a net-zero target. This was the first major middle eastern petrostate to make such a declaration, with the oil industry playing a crucial role in the nation’s economy. Despite its contribution, ADNOC is investing billions of dollars in technologies to mitigate emissions. The company is also working on similar projects at various fields and plans to capture 10 million tons of emissions annually by 2030 in the Emirates.
“Large-scale up of CCS is required to meet the world’s climate objectives,” said Alan Stuart-Grant, executive vice president for energy solutions at Santos, reinforcing the importance of carbon capture.