ADNOC allocated $15 billion for landmark decarbonization projects by 2030, including carbon capture, electrification, new CO2 absorption technology, and enhanced investments in hydrogen and renewables.
The announcement followed the guidance of ADNOC's Board of Directors in November 2022 to accelerate the delivery of its low-carbon growth strategy and approve its Net Zero by 2050 ambition.
It was established on ADNOC's strong track record as a leading lower-carbon intensity energy producer, which includes its use of zero-carbon grid power, a commitment to zero flaring as part of routine operations, and deployment of the region's first carbon capture project at scale.
ADNOC's projects would include investments in clean power, carbon capture and storage (CCS), further electrification of its operations, energy efficiency, and new measures to build on ADNOC's long-standing policy of zero routine gas flaring.
ADNOC would also apply a rigorous commercial and sustainability assessment to ensure that each project delivers lasting, tangible impact.
Throughout 2023, a suite of new projects and initiatives will be announced, including a first-of-its-kind CCS project, innovative carbon removal technologies, investment in new, cleaner energy solutions, and strengthening of international partnerships.
Aside from the formation of ADNOC's new Low Carbon Solutions and International Growth Directorate, the projects represent tangible and concrete action as the company reduces its carbon intensity by 25 percent by 2030 and moves towards its Net Zero by 2050 ambition.
UAE Minister of Industry and Advanced Technology, Sultan al-Jaber stressed that ADNOC continues to take significant steps to make today's energy cleaner while investing in the clean energies and new technologies of tomorrow.
Jaber, ADNOC Managing Director and CEO, noted that now, more than ever, the world needs a practical and responsible approach to the energy transition that is both pro-growth and pro-climate, and ADNOC is delivering tangible actions in support of both these goals.
"Cementing our strong track record of responsible and reliable energy production, ADNOC will fast-track significant investments into landmark clean energy, low-carbon, and decarbonization technology projects," he remarked.
"We continue to future-proof our business. We invite technology and industry leaders to partner with us, to collectively drive real and meaningful action that embraces the energy transition," he said.
Jaber asserted that the strategic, multi-billion-dollar initiative underscores ADNOC's industry leadership as a leading global provider of lower-carbon energy.
Building on ADNOC's al-Reyadah facility, which can capture up to 800,000 tons of CO2 per year, the company will announce plans to deploy technologies to capture, store, and absorb CO2.
ADNOC is leveraging the UAE's geological properties while preparing for its next significant investment to capture emissions from its Habshan gas processing facility.
The company planned to expand its carbon capture capacity to 5 million tons per annum by 2030, firmly establishing the UAE as a worldwide hub for carbon capture expertise and innovation.
