ADNOC earmarks $15 bln for decarbonisation efforts
ABU DHABI, January 6, 2023 – ADNOC has allocated USD 15 billion towards decarbonisation projects by 2030, the Emirati NOC announced on Thursday.
Developments include CCS, electrification, carbon dioxide absorption technologies, hydrogen and renewables. These efforts will be made across the company’s diversified value chain.
ADNOC also announced that a first-of-its-kind CCS project would be unveiled in 2023.
The spend is in line with ADNOC’s target to reduce its carbon footprint by 25% by 2030 and achieve net-zero carbon emissions by 2050. In December 2022, the company put down a budget of USD 150 million towards these goals.
The company aims to have 5 million tonnes per year of carbon capture capacity by 2030.
A large scope of decarbonisation efforts will come through ADNOC’s stake in Emirati clean energy player Abu Dhabi Future Energy Company or <a href='https://theenergyyear.com/companies-institutions/masdar/’>Masdar, which it purchased in December 2022.