ADNOC ups spend on decarbonisation projects

ADNOC has increased its capital allocation for decarbonisation developments to USD 23 billion, the company announced at its annual board meeting on Monday.

The rise in spending will be put towards both domestic and international carbon management projects.

The meeting was presided over by UAE President His Highness Sheikh Mohamed bin Zayed Al Nahyan who noted that the company was working to cut down its greenhouse gas emissions by 25% and achieve near-zero methane emissions by 2030.

The company hopes to achieve net-zero emissions by 2045.

Through its shareholding with Emirati renewables player Masdar, the company aims to reach a target of reaching 100 GW of renewable energy production by 2030.

Earlier in January, ADNOC acquired a 10.1% stake in UK-based CCS company Storegga.

The company has set a goal to have CCS capacity of at least 10 million tonnes by 2030.

ADNOC operates the Al Reyadah CCS project in the UAE, the world’s first commercial scale CCS project based in the steel industry that has the capacity to store 800,000 tonnes of carbon dioxide per year.