ADNOC earmarks $15 bln for decarbonisation efforts
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.
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