US$1 Million Up For Grabs In ADNOC's Newly Launched Global Decarbonization Technology Challenge Applications are open until August 11, 2023, after which ten finalists will be selected to pitch their innovations to a panel of judges in December 2023.
By Entrepreneur Middle East Staff Edited by Aby Thomas
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UAE-based energy company and offshore oil producer Abu Dhabi National Oil Company (ADNOC) has launched the Decarbonization Technology Challenge, a global competition aimed at finding innovative solutions that will reshape the global energy landscape.
Applications are open until August 11, 2023, and can be sent on the Challenge's official website portal.
The competition is also supported by Amazon Web Services, a subsidiary of US-headquartered multinational firm Amazon that provides cloud services, bp, a UK-headquartered multinational oil and gas company, Hub71, a UAE-based startup tech ecosystem, and Net Zero Technology Center, a UK-headquartered technology company that is focused on net zero energy (energy produced from renewable and zero-emission sources) solutions.
Those interested in applying for the Decarbonization Technology Challenge must ensure that their business ideas fall within the following areas of technology: carbon capture, utilization and storage; new energies (such as hydrogen-based solutions, and solar energy services); oil and gas emissions reduction; digital solutions with greenhouse gas emissions reduction; nature-based solutions; and advanced materials for decarbonization.
Entry criteria for the competition includes that the technology should be pilotable within ADNOC and not yet globally deployed. Additionally, the submitted technology ideas should be at technology readiness Level 4 to 8 inclusive, and suitable for UAE climate conditions. To read the full entry criteria list, head to the official Decarbonization Technology Challenge website.
Source: ADNOC
Once the application period is complete, ten finalists will be selected to pitch their innovations to a panel of judges in December 2023. The winning tech solutions will receive up to US$1 million (AED3,670,000) along with a chance to pilot the ideas with ADNOC's support. Furthermore, the winners will also gain access to state-of-the-art research and innovation facilities in Abu Dhabi.
"ADNOC has earmarked $15 billion for landmark decarbonization projects by 2030, including carbon capture, electrification, new CO2 absorption technology and enhanced investments," said Musabbeh Al Kaabi, Executive Director, Low Carbon Solutions and International Growth Directorate at ADNOC. "We look forward to nurturing companies with the most promising innovations that can help transform, decarbonize, and future proof the global energy sector."
The Decarbonization Technology Challenge was announced during the UAE Climate Tech Forum -held from May 10-11, 2023 at Abu Dhabi- which saw over 1,000 global policy makers, innovators, and industrial leaders converge to discuss technological solutions that can be used to achieve decarbonization. The forum was hosted by the UAE Ministry of Industry and Advanced Technology in partnership with ADNOC and Abu Dhabi Future Energy Company (Masdar).
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