JEDDAH: Abu Dhabi National Oil Company (ADNOC) is launching a new venture with Abu Dhabi National Energy Company (TAQA) to create a powerhouse with capacity of at least 30 GW of renewable energy by 2030, according to the company’s statement.
The new strategic partnership will focus on domestic and international renewable energy and waste-to-energy projects as well as the production, processing and storage of green hydrogen and ancillary activities.
“This partnership between TAQA and ADNOC will be a powerful catalyst to unlock significant potential for accelerating the green hydrogen market and rapidly expanding renewable energy,” TAQA Chairman, Mohamed Alsuwaidi said.
The UAE announced last October its plan for net-zero emissions by 2050, and would oversee 600 billion dirhams ($163 billion) in investment in renewable energy, as the first country in the Middle East and North Africa region (MENA) to launch a concrete initiative to achieve that climate commitment.
