Abu Dhabi-based oil and gas giant ADNOC on Thursday launched a global competition to find innovations that will "reshape the global energy landscape."
The Decarbonization Technology Challenge is being supported by Amazon Web Services (AWS), BP, Hub71, and the Net Zero Technology Center.
The competition was launched at UAE Climate Tech Forum in Abu Dhabi, where over 1,000 global policy makers, innovators, and industrial leaders met to drive technological solutions for decarbonization, ADNOC said.
Ten finalists will be invited to pitch their innovations to a panel of judges in December 2023. Winners will receive up to $1 million (AED3,670,000) in piloting opportunities with ADNOC. Scale-up companies specializing in carbon capture utilization and storage (CCUS), new energies, oil and gas emissions reduction, digital applications and advanced materials for decarbonization, and nature-based solutions are encouraged to apply, ADNOC said.
Musabbeh Al Kaabi, Executive Director, Low Carbon Solutions and International Growth Directorate, ADNOC said: “We are delighted to launch the Decarbonization Technology Challenge alongside our partners. ADNOC has earmarked $15 billion for landmark decarbonization projects by 2030, including carbon capture, electrification, new CO2 absorption technology and enhanced investments in hydrogen and renewables. We look forward to nurturing companies with the most promising innovations that can help transform, decarbonize, and future proof the global energy sector.”
According to ADNOC, as well as receiving up to $1 million (AED3,670,000) in piloting opportunities, winners will gain access to state-of-the-art research and innovation facilities in Abu Dhabi.
The dealing for application has been set for Friday, August 11, 2023.
"The competition is being delivered in partnership with the Net Zero Technology Center and supported by AWS, bp and Hub71. It supports ADNOC’s strategy to convene cross sectoral partners to find fresh and meaningful solutions to accelerate a responsible energy transition. AWS, BP and Hub71 will provide additional funding, panel judges and business support for the winners," ADNOC said.