Skip to main content

Intending to increase oil production by 25%, Abu Dhabi CEO presides over climate talks

New report on ADNOC’s partners in climate chaos: Banks and fossil fuel majors
A new report on the Abu Dhabi National Oil Company (ADNOC) highlights its outsized oil & gas expansion

A new report on the Abu Dhabi National Oil Company (ADNOC) highlights its outsized oil & gas expansion and the international financiers and oil majors who actively support it.
According to the joint publication by BankTrack, LINGO, Reclaim Finance, and Urgewald, ADNOC has the fifth-largest oil & gas expansion plans globally, worth 9 billion barrels of oil equivalent. More than 92% of these plans are incompatible with the International Energy Agency’s Net Zero Emissions scenario (2). The resulting projects would lead to the highest absolute oil & gas supply overshoot of any company in the world (3), as Urgewald’s Global Oil & Gas Exit List data demonstrates.
The NGO report highlights the conflict at the heart of COP28: while the CEO of ADNOC, Sultan Al Jaber, presides over the international climate negotiations designed to phase out fossil fuel use, his company intends to increase its oil production by 25% until 2030.
Some of the biggest international oil & gas companies are complicit in ADNOC’s high-risk expansion. France’s TotalEnergies has the most joint projects with the state-owned Emirati company (9), while Italy’s Eni has the highest share of total resources under development (622 mmboe). ExxonMobil (USA), BP (UK), INPEX Corporation (Japan), and OMV (Austria) also stand out among the total of 19 companies from 12 countries involved.
Katrin Ganswindt, Energy Campaigner and Head of Finance Research at Urgewald, says: “The accelerating climate crisis could render the Arab Peninsula unlivable in the 21st century. Nevertheless, the Abu Dhabi National Oil Company is doubling down on oil & gas expansion and promises to store a tiny fraction of the resulting carbon emissions under the desert. To keep the 1.5° C limit within reach, ADNOC and its international partners need to stop fossil fuel expansion and abandon their climate-wrecking business model.”
While there is limited transparency on ADNOC’s finances, the state-owned oil giant received US$14.1 billion of financing from 14 banks between 2016 and 2022, with HSBC (US$2.4 billion), MUFG (US$2.3 billion), SMBC (US$2.3 billion) and JPMorgan Chase (US$2.2 billion) the largest financiers (4). Three new loans to ADNOC have been identified in 2023, totaling US$2.3 billion, supported by the Bank of China, ICBC and Standard Chartered (5).
Léa Miomandre, an analyst at Reclaim Finance, says: “ADNOC’s expansion plans are sending us on a clear trajectory to climate chaos, yet banks are still happy to provide the finance. Despite net zero commitments, banks like HSBC and JPMorgan Chase are fueling the fire. If COP 28 is to deliver, financial institutions must face up to their commitments and end support for companies expanding fossil fuels.”
Johan Frijns, Executive Director at BankTrack, added: “For dozens of banks globally, oil majors such as ADNOC are still perfectly acceptable clients, despite their massive expansion plans that, if proceeding, will push the planet over the climate cliff. Net Zero commitments are of zero relevance if they do not lead to companies hell bent on continuing to extract oil and gas for decades to come being cut off from business altogether. Time is fast running out for banks to draw this lesson from their own climate rhetoric.”
The report also highlights the damaging impacts on biodiversity due to ADNOC’s expansion plans. Many of the company’s oil and gas resources targeted for development are found under areas that are protected because of their importance for biodiversity. This includes the Marawah Biosphere Reserve, home to the world’s second-largest dugong population and many other endangered species.
Fatima Eisam Eldeen, Research Analyst at LINGO, says: “Protecting biodiversity in the face of a climate emergency is key to ensure our survival. Protected areas are important safety mechanisms, and their preservation would mean no fossil fuel extraction. Yet the UAE is developing multiple oil & gas projects in such fragile ecosystems. Giving the green light to the Hail-Ghasha sour gas megaproject in the country’s first UNESCO-recognized protected area, the Marawah Biosphere Reserve undermines all the efforts the UAE shows towards nature conservation and allows the destruction of one of its treasures. To protect biodiversity, our climate, and our future, such projects should be immediately cancelled.”
Banks and other financial institutions must demand that fossil fuel clients like ADNOC immediately halt expanding their production. ADNOC and its international counterparts should be required to show credible phase-out plans for their existing oil & gas activities on a timescale aligned with the Paris Agreement limits. In the absence of such commitments, companies like ADNOC should be considered un-insurable, un-investable and un-bankable. 


(1) Fossil Fuel Expansion in the United Arab Emirates - ADNOC and its international partners, BankTrack, LINGO, Reclaim Finance, Urgewald, December 2023.
(2) For each upstream oil and gas company, Urgewald’s Global Oil & Gas Exit List portrays which portion of its short-term expansion overshoots the IEA pathway, based on the original scenario as published in 2021 and updated in 2022, which states that in a 1.5°C world, approval of new oil and gas fields is not needed after 2021: See IEA (2022) P.133.
(3) Reclaim Finance, Assessment of ADNOC’s Climate Strategy
(4) Banking on Climate Chaos 2023
(5) According to data from the Bloomberg Terminal as of November 21, 2023.



देशव्यापी ग्रामीण भारत बंध में उतरे मध्य प्रदेश के आदिवासी, किया केंद्र सरकार का विरोध

- हरसिंग जमरे, भिखला सोलंकी, रतन अलावे*  15 और 16 फरवरी को निमाड के बड़वानी, खरगोन और बुरहानपुर में जागृत आदिवासी दलित संगठन के नेतृत्व में आदिवासी महिला-पुरुषों ग्रामीण भारत बंद में रैली एवं विरोध प्रदर्शन किया । प्रधान मंत्री द्वारा 2014 में फसलों की लागत का डेढ़ गुना भाव देने का वादा किया गया था, 2016 में किसानों की आय दुगना करने का वादा किया गया था । आज, फसलों का दाम नहीं बढ़ रहा है, लेकिन खेती में खर्च बढ़ता जा रहा है! खाद, बीज और दवाइयों का दाम, तीन-चार गुना बढ़ चुका है! किसानों को लागत का डेढ़ गुना भाव देने के बजाए, खेती को कंपनियों के हवाले करने के लिए 3 काले कृषि कानून लाए गए । 3 काले कानून वापस लेते समय प्रधान मंत्री ने फिर वादा किया था कि फसलों की लागत का डेढ़ गुना भाव की कानूनी गारंटी के लिए कानून बनाएँगे, लेकिन वो भी झूठ निकला! आज जब देश के किसान दिल्ली में आपको अपना वादा याद दिलाने आए है, तब आप उनका रास्ता रोक रहें है, उनके साथ मारपीट कर उन पर आँसू गैस फेंक रहें हैं, उन पर छर्रों से फायरिंग कर रहें है! देश को खिलाने वाला किसान खुद भूखा रहे, क्या यही विकास है?

Only 15% businesses provide employees real-time sustainability dashboards: Study

Kyndryl in collaboration with Microsoft has released the findings of The Global Sustainability Barometer study. The study, conducted by Ecosystm, finds that while 85% of organizations place a high strategic level of importance on achieving their sustainability goals, only 16% have integrated sustainability into their strategies and data. A Kyndryl note: *** Kyndryl (NYSE: KD), the world’s largest IT infrastructure services provider, in collaboration with Microsoft , today released the findings of The Global Sustainability Barometer study. The study, conducted by Ecosystm , finds that while 85% of organizations place a high strategic level of importance on achieving their sustainability goals, only 16% have integrated sustainability into their strategies and data.

How the slogan Jai Bhim gained momentum as movement of popularity and revolution

By Dr Kapilendra Das*  India is an incomprehensible plural country loaded with diversities of religions, castes, cultures, languages, dialects, tribes, societies, costumes, etc. The Indians have good manners/etiquette (decent social conduct, gesture, courtesy, politeness) that build healthy relationships and take them ahead to life. In many parts of India, in many situations, and on formal occasions, it is common for people of India to express and exchange respect, greetings, and salutation for which we people usually use words and phrases like- Namaskar, Namaste, Pranam, Ram Ram, Jai Ram ji, Jai Sriram, Good morning, shubha sakal, Radhe Radhe, Jai Bajarangabali, Jai Gopal, Jai Jai, Supravat, Good night, Shuvaratri, Jai Bhole, Salaam walekam, Walekam salaam, Radhaswami, Namo Buddhaya, Jai Bhim, Hello, and so on.

Violent incidents in Haldwani: CPDRS on dubious role of Uttarakhand government

By DN Rath  Center for Democratic Rights and Secularism (CPDRS) unequivocally condemns the dubious role of Uttarakhand Government and its administration in the incidents that happened in Haldwani of Nanital district of the state.

Tamil Nadu brahmins are at cross roads, their future scenario remains uncertain

By NS Venkataraman*  For over 70 years now, brahmin community in Tamil Nadu have been abused, insulted and even physically attacked on some occasions by those who claimed that they were part of the so called dravidian movement. However, brahmin community silently and helplessly ducked under pressure and showed no signs of resistance or fight back.

Ethiopian ruling classes, political masters in West have their hands soaked in blood

By Harsh Thakor  Over two hundred were killed in recent weeks in Ethiopia’s Oromia and Amhara region. After peace-talks between the Oromo Liberation Army and the Ethiopian government did not materialise tensions are escalating in the Oromia region. Earlier, on November 22, least 25 civilians were massacred in a government aerial drone strike, in Chawaka districts of the Buno Bedelle zone. This incident took place only two days after a fierce battle arose between the OLA and governmental troops in the Sulula Fincha district of the Horro Guduru Wollega zone.

Soviet army crossed rarely transcended barriers in Leningrad to overpower Nazis

By Harsh Thakor  St Petersburg -- previously Leningrad -- has been commemorating the 80th anniversary of its complete liberation from the Nazis and the conclusion of one of the most brutal sieges in history. 80 years ago, a spectacular turn of events in Leningrad played major role in shaping the destiny or determining the path of the Great Patriotic War.

Regretful: Kapil Dev retired not leaving Indian cricket with integrity he upheld

By Harsh Thakor  Kapil Dev scaled heights as an entertainer and a player upholding the spirit of the game almost unparalleled in his era. In his time he was cricket’s ultimate mascot of sportsmanship On his day Kapil could dazzle in all departments to turn the tempo of game in the manner of a Tsunami breaking in. He radiated r energy, at a level rarely scaled in his era on a cricket field. Few ever blended aggression with artistry so comprehenisively. Although fast medium, he could be as daunting with the ball as the very best, with his crafty outswinger, offcutter, slower ball and ball that kicked from a good length. Inspite of bowling on docile tracks on the subcontinent, Kapil had 434 scalps, with virtually no assistance. I can never forget how he obtained pace and movement on flat pancakes, trapping the great Vivian Richards in Front or getting Geoff Boycott or Zaheer Abbas caught behind. No paceman carried the workload of his team’s bowling attack on his shoulders in his eras muc

Landlords' armed bandits launched merciless attack in Brazil but face resistance

By Harsh Thakor  Armed bandits called the “zero invasion movement” comprising of landowners, gunmen and police marched into   Bahia with support from the PM [Military Police]. On January 21st, indigenous Maria de Fátima Muniz, known as Nega Pataxó, shaman of the Pataxó Hã-Hã-Hãe people, was shot dead in the Caramuru Catarina Paraguassu Indigenous Land and chief Nailton Muniz was seriously injured by gunshots, as were others indigenous people during an attack by the notorious  paramilitary group.

Landslide early warning system: Odisha Govt, Amrita Vishwa Vidyapeetham collaborate

By Divya Saini  In a strategic move to mitigate the impact of landslides during storms, the Odisha government in collaboration with Amrita Vishwa Vidyapeetham is gearing up to establish a user-friendly Landslide Early Warning System (EWS) in Gajapati district. This initiative aims to provide advanced information, especially regarding landslides caused by disturbances in the natural stability of a slope.