UAE’s ADNOC Allocates $15 Billion to Low-Carbon Solutions

UAE’s ADNOC Allocates $15 Billion to Low-Carbon Solutions

Abu Dhabi National Oil Company (ADNOC) , UAE announced a new strategy to progress the world-scale decarbonisation of its operations.

The announcement follows the guidance by ADNOC’s Board of Directors in November 2022 to accelerate the delivery of its low-carbon growth strategy and the approval of its Net Zero by 2050 ambition. This builds on ADNOC’s strong track record as a leading lower-carbon intensity energy producer, which includes its use of zero-carbon grid power, a commitment to zero flaring as part of routine operations and deployment of the region’s first carbon capture project at-scale.

Acting on the Board’s guidance, ADNOC has allocated $15 billion (AED55 billion) to advance an array of projects across its diversified value chain by 2030.

These projects will include investments in clean power, carbon capture and storage (CCS), further electrification of its operations, energy efficiency and new measures to build on ADNOC’s long-standing policy of zero routine gas flaring. ADNOC will apply a rigorous commercial and sustainability assessment to ensure that each project delivers lasting, tangible impact.

Throughout 2023, a suite of new projects and initiatives will be announced, including a first-of-its-kind CCS project, innovative carbon removal technologies, investment in new, cleaner energy solutions and strengthening of international partnerships. Together