ADNOC Allocates $15B to Low Carbon Tech

ADNOC Allocates $15B to Low Carbon Tech
The investment has been earmarked for 'landmark' decarbonization projects by 2030.

ADNOC announced Thursday that it has allocated $15 billion to low-carbon solutions.

The investment has been earmarked for “landmark” decarbonization projects by 2030, according to the company. These are said to include carbon capture, electrification, new CO2 absorption technology and enhanced investments in hydrogen and renewables.

ADNOC, which noted that it will apply a “rigorous” commercial and sustainability assessment to ensure that each project delivers lasting tangible impact, said a suite of new projects and initiatives will be announced throughout this year. The company outlined that its latest 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.

Together with the recent formation of ADNOC’s new Low Carbon Solutions and International Growth Directorate, ADNOC’s latest move represents tangible and concrete action as it reduces its carbon intensity by 25 percent by 2030 and moves towards its Net Zero ambition, the company highlighted. 

“Under the directives of the UAE’s wise leadership and the ADNOC board of directors, ADNOC continues to take significant steps to make today’s energy cleaner while investing in the clean energies and new technologies of tomorrow,” Ahmed Al Jaber, the UAE Minister of Industry and Advanced Technology and ADNOC Managing Director and Group CEO, said in a company statement.

“Now, more than ever, the world needs a practical and responsible approach to the energy transition that is both pro-growth and pro-climate, and ADNOC is delivering tangible actions in support of both these goals,” he added.

“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. 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 continued.

Back in December, ADNOC announced that it was accelerating operationalization of its board mandated low carbon growth strategy by establishing a new Low Carbon Solutions and International Growth vertical, which it said will focus on renewable energy, clean hydrogen and carbon capture and storage, as well as international expansion in gas, LNG and chemicals.

In the same month, ADNOC, Abu Dhabi National Energy Company (TAQA), and Mubadala Investment Company (Mubadala) announced the completion of the Abu Dhabi Future Energy Company (Masdar) transaction. This deal sees all the companies become shareholders in Masdar, which is described as Abu Dhabi’s flagship clean energy company.

In September last year, ADNOC and TAQA announced the financial closing of a $3.8 billion strategic project to power and “significantly decarbonize” ADNOC’s offshore production operations.

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