Abu Dhabi National Oil Company (ADNOC) on Thursday said that it would allocate $15 billion to decarbonisation projects by 2030.
According to a statement released by the company, the projects will include investments in clean power, carbon capture and storage (CCS) and electrification. This new announcement is coming after the ADNOC’s board of directors in November approved the acceleration of the company’s low-carbon growth strategy and its goal of net zero by 2050.
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The Abu Dhabi energy group will announce initiatives throughout 2023, including a CCS project, investments in new and cleaner energy solutions and international partnerships, the statement said.
ADNOC said it is committed to reducing its carbon intensity by 25% by 2030 and plans to grow its carbon capture capacity to 5 million tonnes by that year.
The company’s expansion of its lower carbon energy portfolio will be largely delivered through its stake in Masdar, the UAE’s clean energy vehicle.
Story was adapted from Reuters.
