UAE President shines light on need for sustainable future at ADNOC Board of Directors meeting

UAE President HH Sheikh Mohamed bin Zayed chaired the ADNOC Board of Directors meeting on Monday, giving directives for the state-owned oil company to grow its diversified portfolio and ensure a secure and responsible energy supply, as per the Economic Times Auto.

He highlighted the country’s commitment to supporting global energy security and enabling a more sustainable future. The annual meeting follows the COP28 climate conference in Dubai last December, an event that marked remarkable milestones from its first day itself.

The global Summit saw participants reaching an agreement to operationalise the landmark Loss and Damage Fund to compensate developing countries for consequences of climate change, in addition to acknowledging the need to transition away from fossil fuels.

Catalyst for UAE’s economic and industrial growth

Sheikh Mohamed underlined the UAE’s dedication to enhancing its capabilities and expertise and diversifying them in the energy sector, considering it the backbone of development efforts and plans, amid a simultaneous focus on sustainability and emission reduction.

On Monday, the board increased ADNOC’s budget allocation for landmark decarbonisation projects, technologies and lower-carbon solutions to Dh84.4 billion ($23 billion). The increased allocation is expected to support journeys of both the company and its customers.

During the meeting, the board emphasised ADNOC’s role as a catalyst for the UAE’s economic and industrial growth and endorsed the company’s ambition to drive Dh178 billion back into the Emirati economy over the next five years.

Last year, the Abu Dhabi National Oil Company created 6,500 jobs for UAE nationals in the private sector through its In-Country Value (ICV) programme, in partnership with the Emirati Talent Competitiveness Council (Nafis).

The board also heard the steps that ADNOC has taken to meet its Net Zero by 2045 target and directed the state-owned entity to deploy leading edge technologies to accelerate renewables growth, decarbonisation and lower-carbon solutions to back the target.

Continue to prioritise human capital development

The board highlighted ADNOC’s focus on supporting the country’s ‘Make it in the Emirates‘ initiative by promoting local manufacturing of critical industrial products in the company’s supply chain. Investing in local communities is crucial for the company.

Its Corporate Social Responsibility (CSR) programme has positively impacted millions of lives across the Emirates, encouraging key investments in STEM, sports, cultural and community, natural heritage and local environmental projects.

During the Board of Directors meeting, President Sheikh Mohamed also noted the crucial role played by the company’s employees, stressing people are the nation’s greatest asset and the UAE leadership is ready to continue to prioritise human capital development.

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