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Adnoc pledges more investments in decarbonization: State-owned Abu Dhabi National Oil Company (Adnoc) has raised its budget for investments in decarbonization and lower-carbon projects to USD 23 bn (AED 86.6 bn), up from its initial USD 15 bn (AED 55.1 bn) budget, according to a company statement. Adnoc made the announcement during its annual board meeting.
Where the funds will go: “The increased allocation will include investments to grow the company’s domestic and international carbon management platforms,” the company said in the statement.
Targets: Adnoc aims to decrease its carbon intensity by 25% by 2030 and achieve net-zero carbon emissions by 2045. The company is planning to double its carbon capture and storage capacity to 10 mn tonnes a year by the end of the decade, the statement said.
The board also approved a target for the company to contribute AED 178 bn to the UAE economy over the next five years, building on the AED 41 bn generated by Adnoc’s in-country value program in 2023.
The news got wide attention in the international press: Reuters, Bloomberg, and the Financial Times.
