The Strategist

ADNOC to increase investment in decarbonization projects to $23B

01/23/2024 - 10:05

The state-owned energy firm of the United Arab Emirates, Abu Dhabi National Oil Co. (ADNOC), plans to raise its investment in decarbonization projects by over 50%. The company announced in a statement that the board of directors has increased the budget for these activities to $23 billion.

ADNOC has previously stated that by the end of 2030, it intends to invest $15 billion in low-carbon technology, projects, and decarbonization initiatives.

The organization is going to employ "advanced technologies, to accelerate decarbonization, develop RE projects and low-carbon solutions that would support the industry's movement towards the goal of carbon neutrality by 2045".

Along with other decarbonization efforts, ADNOC is already putting carbon capture projects into action at its natural gas processing facilities.