This article was originally published in the Brand Finance Global 500 2024 report
ADNOC, the Middle East's second most valuable brand, has experienced 7% brand value growth, taking it to USD15.2 billion this year.
Driven by an improved Brand Strength Index score, ADNOC now boasts a respectable AAA- brand strength rating. This improvement is not without thanks to ADNOC's commitment to decarbonisation and the brand's role in catalysing climate action across the industry.
Interview with Alexander Richmond Burnett
What are the key learnings and opportunities for energy brands as a result of the recently concluded COP28 in UAE?
COP28 demonstrated the value of a more comprehensive and inclusive approach to climate action and recognized that all stakeholders have an important role to play. In particular, it underscored the need to decarbonize both the demand and supply side of the energy system in line with net zero 2050 goals to keep 1.5 degrees within reach. It also reinforced the importance of transparency, accountability, and collaboration in meeting global climate goals.
The resulting UAE Consensus delivered an historic agreement for a just, orderly and responsible transition away from fossil fuels, and called for the tripling of renewable energy capacity while doubling energy efficiency by 2030. All brands must recognise their role in delivering on the commitments of the Consensus, while realizing the exciting economic opportunity that the energy transition presents.
Moving forward, energy brands must help fulfil growing global energy demand, while driving down emissions, and ensuring their own net-zero and sustainability goals are achieved.
What role do you hope ADNOC can play in terms of sustainability and the climate change challenge?
Energy is pivotal to progress, and global demand continues to grow. At the same time, the global challenge of climate change requires urgent, game-changing solutions to eliminate emissions.
At ADNOC, we believe there's a way to meet growing energy demand while protecting our planet, to hold back emissions, not progress. Our twofold strategy remains; rapidly decarbonizing today's energy system, while investing in lower-carbon solutions, new energies and value chains that will shape the energy system of tomorrow.
In 2023, we demonstrated our commitment to these goals and made significant strides towards achieving them. We brought-forward our commitment to achieving net zero to 2045, while more than doubling our plans to expand carbon capture capacity. Additionally, we became a founding member of the Oil and Gas Decarbonization Charter, an initiative of the COP28 Presidency, which is dedicated to zeroing out methane emissions by 2030 and aligning with net zero emissions by or before 2050.
We are making tangible progress towards our goals. We are prioritizing reducing our carbon intensity by 25% by 2030 through energy efficiency, the deployment of carbon capture and storage technology, and the electrification of our operations. Our low level of upstream GHG carbon intensity is industry leading. We generate 100% of our onshore grid electricity from emission-free solar and nuclear energy sources. Through our investment in Masdar, we are growing our lower carbon solutions and accelerating the delivery of clean energy projects in the UAE and around the world.
Looking ahead, what future plans and strategies does ADNOC have in place to further strengthen its brand and continue the growth of its brand value?
As this year's Brand Finance Global 500 Report demonstrates, ADNOC, and the ADNOC brand, goes from strength-to-strength as we continue on our journey to transform, decarbonize and future-proof our company and reinforce our position as a progressive, diversified, and responsible global energy brand.
Moving forward, you can expect our business and brand growth to continue at pace, as we deliver on plans to expand and diversify domestically and internationally, with investment in every segment of our business, including new partnerships and potential acquisitions.
We will also continue to leverage our track record of global cross-industry and cross-border partnerships, operational capabilities, and relationships with cutting edge technology providers to develop and commercialize the practical solutions and cutting-edge innovations that will help secure a net zero-energy future.
We recognise the need to ensure we continue to deliver on our promises; providing Energy for Life, rapidly reducing emissions, and ensuring a responsible energy transition that leaves nobody behind.
