From Europe, it appears as dilemma, a paradox, a contradiction. From the Gulf, it seems much simpler. What road must oil companies travel as an energy-hungry world seeks a climate-friendly destination?
On Thursday, Adnoc announced Dh55 billion ($15 billion) of investments to 2030 in its low-carbon activities.
This follows three other important transactions: in December, it bought Mubadala’s 24.9 per cent stake in Austrian oil group OMV, having in April purchased its compatriot’s 25 per cent in petrochemical company Borealis (the remainder is held by OMV).
Also in December, it announced a new low-carbon and international unit, particularly focusing on gas and chemicals, to be led by Musabbeh Al Kaabi, chief executive of Mubadala Investment Company’s UAE investments platform and chairman of Mubadala Petroleum's board.
Adnoc’s budget commitment covers four broad areas.
First, energy efficiency and reducing methane escape and gas flaring. The company has a target of leaking no more than 0.15 per cent of its methane, a powerful greenhouse gas.