Growing our Lower-Carbon Solutions Pillar 02 Mohamed Jameel Al Ramahi Chief Executive Officer, Masdar “Advancing the global mission to net zero will require commitment and cooperation from all industries and sections of society. As the UAE’s flagship renewable energy company, Masdar is proud to have clean energy projects across 40 countries with a total capacity of over 20GW. Our work is made possible through the unwavering support and expertise of our valued shareholder, ADNOC. Together, we will continue to work hard to reach Masdar’s goal of achieving at least 100GW of total renewable energy capacity and one million tonnes of green hydrogen production per year by 2030.” Through our newly established Low Carbon Solutions & International Growth directorate, we are investing in new energy solutions and lower-carbon technologies, establishing impactful partnerships to support the global energy transition and further reducing our carbon footprint to mitigate the impacts of climate change. In 2022 we signed an agreement with TAQA and Mubadala, to combine their renewables and green hydrogen operations into Masdar (where ADNOC is a major shareholder), with plans to boost renewable energy capacity to more than 100 GW by 2030. Since its inception in 2006, Masdar has been a pioneer in clean energy. Today it is active in more than 40 countries, having invested or committed to invest in projects with a total value of over $30 billion. With over 20GW of combined capacity, these projects are serving to abate more than 30 million tonnes of carbon dioxide emissions each year. We have delivered demonstration cargoes of low-carbon ammonia to customers in Europe and Asia to support their journeys to lower emissions. We are also building a world-scale one million tonne per annum low-carbon ammonia production facility at the new TA’ZIZ Industrial Chemicals Zone in Abu Dhabi. We are pursuing opportunities to produce low-carbon hydrogen and ammonia by leveraging the UAE’s gas reserves, world-scale infrastructure, growing carbon capture and storage capabilities and global partnerships to build upon the 300,000 tonnes of hydrogen we currently produce each year. We are developing other hydrogen vectors such as liquid hydrogen and liquid organic hydrogen carriers (LOHCs). We anticipate that our adoption of low- carbon hydrogen will help strengthen overall demand at scale and support the long-term commercialization of green hydrogen. We have partnered with Abu Dhabi National Energy Company (TAQA) to establish E2GO, to build and operate electric vehicle (EV) infrastructure in Abu Dhabi and the wider UAE. ADNOC is a steering member of The Hydrogen Council, a CEO-led organization that believes hydrogen has a key role in energy diversification and decarbonization. The Council promotes collaboration across governments, industries and investors to provide guidance on accelerating the deployment of hydrogen solutions globally. We have delivered demonstration cargos of low-carbon ammonia, an efficient carrier of hydrogen, to customers in Europe and Asia; a critical step to enable our partners to test new applications for ammonia and hydrogen. We are developing a world-scale one million tonnes per annum low-carbon ammonia production facility at the TA’ZIZ industrial and chemicals hub, which is scheduled to start up in 2025. Through our shareholding in Masdar, we are taking the lead in scaling up green hydrogen production. Masdar is working to produce up to one million tonnes of green hydrogen per year by 2030, equivalent to saving more than six million tonnes of CO2 emissions. We will also increase production of blue hydrogen, which will be enabled by the expansion of our carbon capture, utilization and storage capabilities. Decarbonizing the Value Chain CASE STUDY 04 Our Journey to Net Zero 35 34 Advancing Towards Net Zero