Adnoc sees opportunity in tackling climate change, CEO says



Dr Sultan Al Jaber, the UAE Minister of State, made an impassioned case for Abu Dhabi to be recognised as a regional leader in the battle against the risks of climate change to an audience of global chief executives and government officials at a forum in Singapore.

The chief executive of Abu Dhabi National Oil Company, speaking on a panel on Tuesday at the New Economy Forum organised by Michael Bloomberg, explained how the state-run company is the “spinal cord of the economy”. Adnoc is a founding partner of the New Economy Forum.

“Adnoc is a very advanced national oil company. We accept the facts and we come to terms with the realities on the ground. And yes, we do accept that climate change is real and is a serious challenge,” Dr Al Jaber said.

In order to meet this challenge “we have to work together in an ecosystem that involves all stakeholders”, he said. This inclusive message was in keeping with with the overall tone of the forum on its first day. Adnoc is creating the necessary partnerships to help mitigate climate change, he said.

“Therefore in Abu Dhabi and through Adnoc, we have instituted a zero gas flaring policy. We are advancing renewable energy, we were the first to deploy commercial scale carbon capture storage,"  Dr Al Jaber said. "Today we capture 800,000 tonnes of CO2 and transport it for enhanced oil recovery and we are embracing technology throughout the whole value chain of our business whether upstream, midstream or downstream.”

The UAE was the first oil producing nation and the first Opec member to sign the Paris accord, the pact struck among states in 2015 to accelerate and intensify the actions and investments needed to keep the global temperature rise below 2 degrees Celsius, he said.

“So I think we have clearly demonstrated our commitment to mitigating climate change and that will continue to be our main focus of our strategy in terms of our environmental stewardship,” Dr Al Jaber said.

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He also highlighted the progress made by Masdar, the Abu Dhabi renewable energy company he is chairman at.

Dr Al Jaber also discussed Adnoc’s transformation, which began with his appointment as group chief executive in 2016.

Adnoc was able to take “a step back” and build on the experience of strategic partners like ExxonMobil and expand its evolution based on three pillars: human development, a clear Research and Development strategy and a technology roadmap, he said.

It has been an “enormous success”, he added.

Also on the panel in Singapore was Exxon's chief executive Darren Woods, who spoke of the company's commitment to collective efforts to thwart the effect of climate change. Exxon’s R&D includes participating in the science of climate change.

“Our perspective is we can contribute...we changed the processes in our plants to reduce emissions," he said, adding that the firm is using carbon capture and studying algae as a replacement fuel to help society.

However, Mr Woods said even if every car were to be electric, oil and gas demand would only drop to 2013 levels because of the growing chemicals and plastics industries, and that heavy duty transport has no substitute.

To combat industrial emissions carbon capture and storage are the most useful tools, he added.

Aliko Dangote, chief executive of Nigerian conglomerate Dangote Industries, said the demographics in Africa, where the population will double by 2050, created a huge opportunity. Mr Dangote said he was exploring how a company like his – relatively new to oil and gas - can co-operate with companies like Adnoc.

The industry is changing thanks to technology and new entrants and Mr Woods said it has a focus on technology and energy transition which has been an ongoing trend. Exxon invests $1 billion annually in R&D. It “brings people in who are science and engineering based” and Exxon ensures the workforce is motivated and given responsibility early.

In contrast, Josephine Wapakabulo, chief executive of Uganda’s fledgling national oil company Unoc, said that it has been building up a workforce from nothing but is finding it a challenge to attract talent who are drawn to international oil companies such as Exxon.

COMPANY%20PROFILE%20
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The specs

Engine: Dual 180kW and 300kW front and rear motors

Power: 480kW

Torque: 850Nm

Transmission: Single-speed automatic

Price: From Dh359,900 ($98,000)

On sale: Now

Company%20Profile
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Company%20Profile
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Company%20Profile
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COMPANY PROFILE

Company: Bidzi

● Started: 2024

● Founders: Akshay Dosaj and Asif Rashid

● Based: Dubai, UAE

● Industry: M&A

● Funding size: Bootstrapped

● No of employees: Nine

COMPANY%20PROFILE
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When Umm Kulthum performed in Abu Dhabi

  

 

 

 

Known as The Lady of Arabic Song, Umm Kulthum performed in Abu Dhabi on November 28, 1971, as part of celebrations for the fifth anniversary of the accession of Sheikh Zayed bin Sultan Al Nahyan as Ruler of Abu Dhabi. A concert hall was constructed for the event on land that is now Al Nahyan Stadium, behind Al Wahda Mall. The audience were treated to many of Kulthum's most well-known songs as part of the sold-out show, including Aghadan Alqak and Enta Omri.

 
ARM%20IPO%20DETAILS
%3Cp%3E%3Cstrong%3EShare%20price%3A%3C%2Fstrong%3E%20Undisclosed%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ETarget%20raise%3A%3C%2Fstrong%3E%20%248%20billion%20to%20%2410%20billion%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EProjected%20valuation%3A%3C%2Fstrong%3E%20%2460%20billion%20to%20%2470%20billion%20(Source%3A%20Bloomberg)%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ELead%20underwriters%3A%3C%2Fstrong%3E%20Barclays%2C%20Goldman%20Sachs%20Group%2C%20JPMorgan%20Chase%20and%20Mizuho%20Financial%20Group%3C%2Fp%3E%0A
Six pitfalls to avoid when trading company stocks

Following fashion

Investing is cyclical, buying last year's winners often means holding this year's losers.

Losing your balance

You end up with too much exposure to an individual company or sector that has taken your fancy.

Being over active

If you chop and change your portfolio too often, dealing charges will eat up your gains.

Running your losers

Investors hate admitting mistakes and hold onto bad stocks hoping they will come good.

Selling in a panic

If you sell up when the market drops, you have locked yourself out of the recovery.

Timing the market

Even the best investor in the world cannot consistently call market movements.

HEY%20MERCEDES%2C%20WHAT%20CAN%20YOU%20DO%20FOR%20ME%3F
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Company%20profile
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The specs

Engine: 1.5-litre turbo

Power: 181hp

Torque: 230Nm

Transmission: 6-speed automatic

Starting price: Dh79,000

On sale: Now

Call of Duty: Black Ops 6

Developer: Treyarch, Raven Software
Publisher:  Activision
Console: PlayStation 4 & 5, Windows, Xbox One & Series X/S
Rating: 3.5/5

SPECS

Engine: Two-litre four-cylinder turbo
Power: 235hp
Torque: 350Nm
Transmission: Nine-speed automatic
Price: From Dh167,500 ($45,000)
On sale: Now

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%3Cp%3E%3Cstrong%3EStarring%3A%3C%2Fstrong%3E%20Lupita%20Nyong'o%2C%20Joseph%20Quinn%2C%20Djimon%20Hounsou%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EDirector%3A%20%3C%2Fstrong%3EMichael%20Sarnoski%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%204%2F5%3C%2Fp%3E%0A
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Moon Music

Artist: Coldplay

Label: Parlophone/Atlantic

Number of tracks: 10

Rating: 3/5

APPLE IPAD MINI (A17 PRO)

Display: 21cm Liquid Retina Display, 2266 x 1488, 326ppi, 500 nits

Chip: Apple A17 Pro, 6-core CPU, 5-core GPU, 16-core Neural Engine

Storage: 128/256/512GB

Main camera: 12MP wide, f/1.8, digital zoom up to 5x, Smart HDR 4

Front camera: 12MP ultra-wide, f/2.4, Smart HDR 4, full-HD @ 25/30/60fps

Biometrics: Touch ID, Face ID

Colours: Blue, purple, space grey, starlight

In the box: iPad mini, USB-C cable, 20W USB-C power adapter

Price: From Dh2,099

TRAP

Starring: Josh Hartnett, Saleka Shyamalan, Ariel Donaghue

Director: M Night Shyamalan

Rating: 3/5

If you go

The flights
There are various ways of getting to the southern Serengeti in Tanzania from the UAE. The exact route and airstrip depends on your overall trip itinerary and which camp you’re staying at. 
Flydubai flies direct from Dubai to Kilimanjaro International Airport from Dh1,350 return, including taxes; this can be followed by a short flight from Kilimanjaro to the Serengeti with Coastal Aviation from about US$700 (Dh2,500) return, including taxes. Kenya Airways, Emirates and Etihad offer flights via Nairobi or Dar es Salaam.   

The five pillars of Islam

1. Fasting 

2. Prayer 

3. Hajj 

4. Shahada 

5. Zakat 

PROFILE OF SWVL

Started: April 2017

Founders: Mostafa Kandil, Ahmed Sabbah and Mahmoud Nouh

Based: Cairo, Egypt

Sector: transport

Size: 450 employees

Investment: approximately $80 million

Investors include: Dubai’s Beco Capital, US’s Endeavor Catalyst, China’s MSA, Egypt’s Sawari Ventures, Sweden’s Vostok New Ventures, Property Finder CEO Michael Lahyani

The burning issue

The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE. 

Read part four: an affection for classic cars lives on

Read part three: the age of the electric vehicle begins

Read part two: how climate change drove the race for an alternative 

Pad Man

Dir: R Balki

Starring: Akshay Kumar, Sonam Kapoor, Radhika Apte

Three-and-a-half stars

RESULTS

5pm Maiden (PA) Dh80,000 (Turf) 1,600m

Winner Thabet Al Reef, Bernardo Pinheiro (jockey), Abdallah Al Hammadi (trainer)

5.30pm Handicap (PA) Dh80,000 (T) 1,600m

Winner Blue Diamond, Pat Cosgrave, Abdallah Al Hammadi

6pm Arabian Triple Crown Round-1 Listed (PA) Dh230,000 (T) 1,600m

Winner Hameem, Adrie de Vries, Abdallah Al Hammadi

6.30pm Wathba Stallions Cup Handicap (PA) Dh70,000 (T) 1,400m

Winner Shoja’A Muscat, Szczepan Mazur, Ibrahim Al Hadhrami

7pm Maiden (PA) Dh80,000 (T) 1,200m

Winner Heros De Lagarde, Szczepan Mazur, Ibrahim Al Hadhrami

7.30pm Handicap (TB) Dh100,000 (T) 2,400m

Winner Good Tidings, Antonio Fresu, Musabah Al Muhairi

'Nope'
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Ashes 2019 schedule

August 1-5: First Test, Edgbaston

August 14-18: Second Test, Lord's

August 22-26: Third Test, Headingley

September 4-8: Fourth Test, Old Trafford

September 12-16: Fifth Test, Oval

COMPANY%20PROFILE
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