RIYADH: The Abu Dhabi National Oil Co. has allocated as much as 55 billion dirhams ($15 billion) as part of a new strategy aimed at accelerating the reduction in its global emissions, according to a statement.
The budget will be utilized in a group of projects dispersed across the value chain of the state-owned company’s operations by 2030, according to the Emirates News Agency, WAM.
“Cementing our strong track record of responsible and reliable energy production, ADNOC will fast-track significant investments into landmark clean energy, low-carbon and decarbonization technology projects,” the statement said, citing the Managing Director and Group CEO Sultan Ahmed Al Jaber.
The new strategy will also include the first-of-its-kind capture carbon and storage project.
In an attempt to ensure that each and every one of those projects will deliver long lasting and tangible impacts, ADNOC is planning on conducting rigorous commercial and sustainability assessment.
In addition to this, the state-owned firm aims to further expand its carbon capture capacity to five million tons per annum by 2030.
“This strategic, multi-billion-dollar initiative underscores ADNOC's industry leadership as a leading global provider of lower-carbon energy,” the managing director added.
In September 2022, ADNOC dispatched the first-ever shipment of low-carbon ammonia from the UAE to Germany, according to a press release.
“It highlights ADNOC’s expanding role as a trusted exporter of low-carbon fuels, as the UAE focuses on the industrial growth opportunities within the energy transition,” Al Jaber said back in September.
Later on in September, ADNOC and Abu Dhabi National Energy Co., known as TAQA, finalized a deal for the construction of a 13 billion dirhams strategic project to power and decarbonize ADNOC’s offshore production operations.
According to a statement, a consortium comprising Korea Electric Power, Kyushu Electric Power Co., and Électricité de France will build, own, operate and transfer its high-voltage direct current sub-sea transmission network in the Middle East and North Africa region
Founded in 1971, ADNOC seeks to reduce emissions intensity by 25 percent by the year 2030 and achieve climate neutrality by 2050