UAE – Mubasher: Abu Dhabi National Oil Company (ADNOC) allocated $15 billion (AED 55 billion) to foster its decarbonisation projects across its diversified value chain by 2030.

This step aligns with the guidance by ADNOC’s board in November 2022 to support the company's low-carbon growth strategy and bolster the net-zero emissions target by 2050, according to a press release.

It also anchors ADNOC’s position as a leading lower-carbon-intensity energy producer, which uses zero-carbon grid power. The UAE-based firm is committed to zero flaring as part of routine operations, besides establishing the region’s first carbon capture project on a wide scale.

These projects will include investments in clean energy, carbon capture and storage (CCS), additional electrification of its operations, energy efficiency, and new measures to build on ADNOC's policy of zero routine gas flaring.

During 2023, a number of new plans and initiatives will be unveiled, including a first-of-its-kind CCS project, advanced carbon removal technologies, and investment in new cleaner power solutions. ADNOC also aims to reinforce its international partnerships.

Meanwhile, ADNOC’s recently-announced low carbon solutions and international growth vertical will enable the company to lower its carbon intensity by 25% during 2030.

Sultan Ahmed Al Jaber, Managing Director and Group CEO of ADNOC, said: “As we continue to future-proof our business, we invite technology and industry leaders to partner with us, to collectively drive real and meaningful action that embraces the energy transition.”

Al Jaber added: “This strategic, multi-billion-dollar initiative underscores ADNOC’s industry leadership as a leading global provider of lower-carbon energy.”