Adnoc has allocated $15 billion to invest in a range of projects by 2030, which will help it accelerate its low-carbon growth strategy. The state-owned energy company will invest in clean power, carbon capture and storage, further electrification of operations, energy efficiency and new measures to build on its policy of zero routine gas flaring. The announcement follows the guidance 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.
Adnoc is preparing for a “major” investment to capture emissions at its Habshan gas processing facility. It forms part of its plan to increase its carbon capture capacity to five million tonnes per annum by the end of the decade, the company said. Adnoc also said it aims to deploy new technologies to capture and store carbon dioxide by leveraging the UAE’s geological properties. The company’s Al Reyadah carbon capture plant, which was completed in 2016, has a capacity of 800,000 tonnes per year.
Why it matters
The company, responsible for most of the UAE’s oil and gas output, has been investing heavily in the production of natural gas and hydrogen as the Arab country looks to reach net-zero emissions by 2050. The UAE plans to invest $160 billion in clean and renewable energy sources over the next three decades. It is building the five-gigawatt Mohammed Bin Rashid Al Maktoum Solar Park in Dubai. Abu Dhabi, which is developing a two-gigawatt solar plant in its Al Dhafra region, has set a target of 5.6 gigawatts of solar photovoltaic capacity by 2026.