ADNOC and Occidental have joined forces in a strategic collaboration agreement (SCA) to explore investment opportunities in carbon dioxide (CO2) capture and storage (CCS) hubs in the UAE and the US. This collaboration aims to develop a carbon management platform to accelerate the net zero goals of both companies.
The agreement is made possible by the UAE-US Partnership for Accelerating Clean Energy (PACE), which is expected to catalyze $100 billion in clean energy and carbon management projects by 2035. Investments in CCS and direct air capture (DAC) will play a crucial role in mitigating climate change, according to the Intergovernmental Panel on Climate Change (IPCC).
Vicki Hollub, President, and CEO of Occidental, expressed excitement about building on their partnership with ADNOC and deploying DAC technology globally to develop carbon solutions at scale, essential for reaching climate goals.
ADNOC and Occidental are assessing the development of DAC facilities in the UAE, and they are exploring carbon management hubs to safely transport and store CO2 from the UAE’s carbon-intensive sectors. The collaboration also involves ADNOC’s participation in CO2 sequestration hubs in the US, including Occidental’s Stratos DAC project in Texas.
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