ADNOC (Abu Dhabi National Oil Company) is allocating $15 billion (€14.3 billion) for decarbonisation projects by 2030, including carbon capture, electrification, new carbon absorption technology and enhanced investments in hydrogen and renewable energy.
The multi-year action plan follows board approval of ADNOC’s goal to be net zero by 2050. It also builds on ADNOC’s strong record in establishing responsible energy production.
ADNOC is inviting global technology and industry leaders to work in partnership and drive action to progress energy transition and future-proof the industry.
As part of this development, ADNOC will apply a rigorous commercial and sustainability assessment to ensure all projects deliver a lasting impact.
ADNOC plans to announce a number of projects and initiative in 2023, including a first-of-its-kind CCS project, carbon removal technologies, and investment in cleaner solutions.
The expansion of ADNOC’s energy portfolio will mainly occur through its stake in Masdar, the UAE’s clean energy powerhouse.
