New agreements to unlock low carbon opportunities in the UK and UAE
bp, ADNOC (Abu Dhabi National Oil Company) and Masdar, a global leader in renewable energy and sustainable urban development, have today signed three agreements that could boost investment into clean and low carbon energy by billions of dollars, creating potentially thousands of energy jobs.
“By partnering with the visionary leaders of ADNOC and Masdar, we see massive business opportunity to generate the clean energy the world wants and needs – and, at the same time, revitalize local economies and create the jobs of the future.”
Bernard Looney, bp CEO
The agreements cover:
- Developing low carbon hydrogen
Initial plans to develop 2GW of low carbon hydrogen across hubs in the UK and UAE. It could also lead to the first international investment into the low carbon hydrogen facility in Teesside (H2Teesside). - Decarbonizing the skies
Exploring opportunities to reduce carbon from the UK and UAE air corridor – one of the busiest global air travel routes – further strengthening the commercial and cultural ties between the two countries in a sustainable way. - Decarbonizing cities
Identifying innovative sustainable energy and mobility solutions for cities in the UK, UAE and beyond – as they shape their paths to net zero. - Decarbonizing oil and gas
Looking to find more ways to decarbonize oil and gas operations in Abu Dhabi, such as using carbon capture use and storage (CCUS) hubs, advancing methane detection and reduction technology, and accelerating operational efficiency through cutting-edge technology.
These align with the key areas of both the UK Government’s 10-point plan for a green industrial revolution and the UAE Government’s ‘Principles of the 50’, which include the development of a dynamic domestic economy through scientific and technical excellence.
“It is clear indication that businesses in the energy sector are taking the transition to cleaner solutions seriously, and a major boost to the UK’s own ambitious net zero goals.”
Boris Johnson, UK Prime Minister
Following an event at 10 Downing Street, Prime Minister Boris Johnson said: “This is a fantastic investment in the industries of the future, creating high-value jobs across the UK as we build back better and greener. It is clear indication that businesses in the energy sector are taking the transition to cleaner solutions seriously, and a major boost to the UK’s own ambitious net zero goals.”
Bernard added: “The UK and UAE Governments have bold plans for decarbonization. The UK is our home and we have worked in the UAE for nearly a century.”
H.E. Dr. Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology, Managing Director and Group CEO, ADNOC, and Chairman, Masdar, said: “The UK and UAE have enjoyed decades of strong economic ties and the agreements signed today between ADNOC, Masdar and bp will serve to deepen the strategic relationship between our countries. We look forward to building upon this legacy to strengthen both countries’ ambitions to generate economic growth through low carbon initiatives.”
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