Abu Dhabi National Energy Company (TAQA) announced today its plans to move away from oil and natural gas and transition towards renewables. Accordingly, this announcement came as part of the company’s 2030 sustainability and profitability vision.
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Abu Dhabi National Energy: plans to become cleaner
This Friday, Abu Dhabi National Energy Company (TAQA) announced its plans to move away from fossil fuels towards renewables. In fact, those plans are part of the company’s 2030 sustainability and profitability vision.
Currently, the firm operates oil and gas assets in North America and Iraq. Besides, it manages power assets in Morocco.
Under its strategic plan, TAQA intends to generate more than 30% of its power from renewable sources, especially solar, by the end of this decade. Currently, its renewable generation stands at 5%.
The energy company also plans to invest $10.8bn (AED40bn) in the country’s transmission and distribution assets. Thus, it intends to increase its gross power capacity from 18GW to 30GW in the domestic market and increase to 15GW internationally by 2030.
In this regard, TAQA Group CEO and managing director Jasim Husain Thabet said; The company “will become a champion for low carbon power and water. Therefore, this strategy sets out how we will deliver on this promise and our vision for the future.”
Forecasts
Moreover, “we will build on our strengths and use the unique position we have in Abu Dhabi as a platform for growth in the UAE and internationally,” said the CEO.
Thus, the firm will expand its portfolio of renewables and highly efficient water desalination. Besides, it aims to invest in growing the UAE Regulated Asset Base.
“As one of the largest integrated utilities in the region, we are well placed to be at the heart of meeting the accelerating demand for low carbon power and water,” said Thabet. Moreover, “we have a strong pipeline of existing projects. In fact, we are ready to seize further opportunities in a way that benefits our stakeholders; from shareholders to employees and customers.”
Additionally, TAQA chairman Mohamed Hassan Al Suwaidi said: “As we emerge from the pandemic, around the world, there will be an increasing focus on the need for clean, reliable and sustainable sources of power and water.”
