UAE electricity and water supplier Taqa seeks to reduce emissions by 2030

The UAE’s largest water and electricity supplier aims to cut carbon emissions by 25% by 2030 from 2019 levels as part of the oil-producing nation’s plan to reach the net zero in the middle of this century.

Abu Dhabi National Energy Co., known as Taqa, plans to build more solar power plants and shut down natural gas-powered power plants, chief executive Jasim Husain Thabet said in an interview.

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The company, which has a market valuation of $77 billion, will build about 9 gigawatts of solar power and phase out about 7 GW of conventional gas plants over this decade, Thabet said.

The United Arab Emirates, OPEC’s biggest producer after Saudi Arabia and Iraq, wants to reduce its economy’s dependence on fossil fuels by pumping profits into technology and manufacturing industries.

Even though it is investing billions of dollars to increase oil and gas production, the country is committed to achieving net zero carbon emissions by 2050.

It was the first Persian Gulf state to make such a commitment, and was soon followed by Saudi Arabia. That’s a huge challenge in a region with some of the highest energy consumption and emissions per capita in the world, in part because utilities burn huge amounts of fossil fuels for air conditioning and water desalination. Seawater.

“It’s not just promises,” Thabet said. It “makes economic sense and will give us returns and be profitable.”

Taqa’s targets cover the emissions it produces from generating electricity and those from its own energy consumption, known as scope 1 and 2 emissions. They exclude scope 3 emissions, those that would be attributable to customers burning the oil and gas it pumps.

In July, the company said it would retain the majority of its oil and gas assets after a review, citing the business’ strong contribution to earnings.

It has gas operations in Canada and operates oil fields in the North Sea and the Kurdish region of Iraq. This month it announced it would sell small upstream operations in the Netherlands.

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