- ADNOC will allocate $23 billion for decarbonisation and lower-carbon projects.
- ADNOC says it aims to reduce carbon intensity by 25% by 2030 and reach net zero carbon emissions by 2045.
UAE’s Abu Dhabi National Oil Company (ADNOC) said today that it would allocate $23 billion for decarbonisation and lower-carbon projects, up from a previous $15 billion target. ADNOC announced at its annual board meeting that United Arab Emirates President Sheikh Mohammed bin Zayed Al Nahyan presided.
ADNOC said, “The increased allocation will include investments to grow the company’s domestic and international carbon management platforms.” Sheikh Mohammed directed ADNOC to grow its diversified portfolio and provide secure, reliable and responsible energy to support the delivery of a just, orderly and equitable global energy transition.”
ADNOC has said it aims to reduce its carbon intensity by 25 per cent by 2030 and to reach net zero carbon emissions by 2045. At its board meeting in late 2022, ADNOC approved a five-year business plan and capital expenditure of 550 billion dirhams ($150 billion) for 2023 to 2027. It also brought forward its target of five million barrels per day oil production capacity expansion to 2027 from 2030.