Adnoc launches $1m global competition for energy transition tech innovators

Adnoc has launched a $1 million global competition for companies that specialise in energy transition technology innovation.

The Decarbonisation Technology Challenge, which is being supported by Amazon Web Services, BP, Hub71 and the Net Zero Technology Centre, was launched at the UAE Climate Tech Forum in Abu Dhabi on Tuesday.

Adnoc urged scale-up companies specialising in carbon capture utilisation and storage (CCUS), new energies, oil and gas emissions reduction, digital applications and advanced materials for decarbonisation, and nature-based solutions to apply.

Ten finalists will be invited to pitch their innovations to a panel of judges in December, the company said.

Winners will receive pilot opportunities worth up to $1 million with Adnoc and have access to research and innovation centres in Abu Dhabi.

“We look forward to nurturing companies with the most promising innovations that can help transform, decarbonise and future-proof the global energy sector,” said Musabbeh Al Kaabi, executive director of low carbon solutions and the international growth directorate at Adnoc.

Adnoc has been taking several steps to reduce its carbon emissions as it seeks to reduce its greenhouse gas intensity by 25 per cent by 2030.

In January, the company said it would invest $15 billion in decarbonisation projects by 2030, including clean power, CCUS, further electrification of operations, carbon dioxide absorption technology, energy efficiency and new measures to build on its policy of zero-routine gas flaring.

In December, the state energy company also set up a new low-carbon solutions and international growth business division which will focus on renewable energy, clean hydrogen and CCUS, as well as international expansion in gas, liquefied natural gas and chemicals.

Among the criteria to enter the competition is that the company must be developing a solution that could help Adnoc reduce greenhouse gas emissions and the technology must be suitable for UAE climate conditions.

The technology also should be “pilotable within Adnoc” and not yet globally applied.

Entrants have 12 weeks to compile their applications and submit them by August 11.

Updated: May 11, 2023, 10:51 AM