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State-owned oil firm Abu Dhabi National Oil Company (ADNOC) is allocating 55 billion UAE dirhams ($15 billion) to implement a number of decarbonisation projects by 2030.
The projects will include investments in clean power, carbon capture and storage (CCS), further electrification of operations, energy efficiency and new measures to build on ADNOC’s policy of zero routine gas flaring, the company said on Thursday.
The oil giant said a suite of new projects and initiatives will be announced throughout 2023, including a first-of-its-kind CCS project, innovative carbon removal technologies, investment in new, cleaner energy solutions and strengthening of global partnerships.
“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,” said Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology, and ADNOC Managing Director and Group CEO.
“ADNOC will fast-track significant investments into landmark clean energy, low-carbon and decarbonisation technology projects,” Al Jaber added.
He said the strategic, multibillion-dollar initiative “underscores ADNOC’s industry leadership as a leading global provider of low-carbon energy.”
As part of the plan, ADNOC intends to deploy technologies that will capture, store and absorb carbon dioxide by leveraging the UAE’s “unique geological properties”.
It is preparing for its next major investment to capture emissions from its Habshan gas processing facility, as it looks to expand its carbon capture capacity to 5 million tonnes per year by 2030. The company’s Al Reyadah facility currently captures up to 800,000 tonnes per year of CO2.
“ADNOC has committed AED55 billion to advance an array of projects across its diversified value chain by 2030,” the company said.
The announcement follows directives by ADNOC’s board of directors in November 2022 to accelerate the delivery of its low-carbon growth strategy and the approval of its “Net Zero by 2050” ambition.
“This builds on ADNOC’s strong record as a leading low-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,” the company said.
(Reporting by Cleofe Maceda; editing by Mily Chakrabarty)
