ADNOC increases budget allocation for decarbonisation projects to $23bn
The board of directors of the UAE'S energy giant Abu Dhabi National Oil Company (ADNOC) has increased the allocation for the company's landmark decarbonization projects, technologies and lower-carbon solutions to $23bn (AED84.4BN), according to a press statement.
UAE President His Highness Sheikh Mohamed bin Zayed al Nahyan presided over the annual meeting of the ADNOC Board of Directors in his capacity as its Chairman.
During the meeting, which was held at ADNOC headquarters in Abu Dhabi, His Highness directed ADNOC to grow its diversified portfolio and provide secure, reliable and responsible energy to support the delivery of a just, orderly and equitable global energy transition.
As ADNOC continues to transform, decarbonize and future-proof its business, His Highness Sheikh Mohamed bin Zayed al Nahyan noted that the company is tripling its renewable energy capacity through its shareholding in Masdar while delivering tangible actions towards its interim targets of reducing its greenhouse gas intensity by 25% and achieving near-zero methane emissions by 2030.
The board was briefed on the steps that ADNOC has taken in support of its industry-leading Net Zero by 2045 target and directed the company to deploy leading edge technologies to accelerate decarbonization, renewables growth, and lower-carbon solutions in support of the target.
The increased allocation for decaronisation projects will include investments to grow the company’s domestic and international carbon management platforms, supporting the decarbonization journeys of both ADNOC and its customers.
The board mandated ADNOC to prioritise transformational growth, partnerships and international opportunities to futureproof and drive value for Abu Dhabi and the UAE.
The board emphasised
ADNOC’S role as a catalyst for the UAE’S economic and industrial growth and endorsed the company’s goal to drive $48.5bn (AED178BN) back into the UAE economy over the next five years, building on $11.2bn (AED41BN) generated through its In-country Value (ICV) programme in 2023.
ADNOC decarbonization projects to meet its 25% reduction in carbon intensity by 2030 include using clean energy to provide 100% of its onshore grid electricity needs since the start of 2022 and connecting its offshore operations to the grid through a $3.8bn (AED14BN) project that, upon completion, can reduce its offshore carbon footprint by up to 50%.
ADNOC is also advancing nature-based solutions through its plan to plant 10mn mangroves by 2030. To date, ADNOC has planted more than twomn mangrove seedlings across Abu Dhabi.