ADNOC pledges $15 billion for clean energy, new energies and decarbonization
ADNOC, a reliable and responsible provider of energy with low carbon intensity, announced today a bold new strategy to decarbonize its operations globally. In November 2022, ADNOC’s Board of Directors approved its Net Zero by 2050 ambition and accelerated delivery of its low-carbon growth strategy. By using zero-carbon grid power, being committed to zero flaring in routine operations and deploying the region’s first carbon capture project at scale, ADNOC has established itself as a leader in low-carbon intensity energy production.
By 2030, ADNOC will have allocated $15 billion (AED55 billion) to advance projects across its diversified value chain. Investments will be made in clean power, carbon capture and storage (CCS), electrification of operations, energy efficiency and new measures to build on ADNOC’s long-standing policy of no routine gas flaring. Each project will be rigorously assessed for commercial viability and sustainability.
New projects and initiatives will be announced throughout 2023, including a first-of-its-kind CCS project, innovative carbon removal technologies, and investments in new, cleaner energy solutions. Together with the launch of ADNOC’s new Low Carbon Solutions and International Growth Directorate, these actions show the company’s commitment to reducing its carbon intensity by 25% by 2030. In addition, the company is moving towards Net Zero by 2050.