• In a strategic move to bolster its carbon management endeavors, ADNOC (Abu Dhabi National Oil Company) has acquired a 10.1% equity stake in Storegga, a UK-based specialist in carbon capture and storage (CCS) projects. This marks ADNOC's inaugural international investment in carbon management, aligning with its broader strategy to invest in and develop global carbon capture solutions to accelerate decarbonization efforts. The investment, part of ADNOC's $15 billion commitment to low-carbon solutions and decarbonization technologies, aims to increase its carbon capture capacity to 10 million tonnes annually by 2030, equivalent to removing over 2 million internal combustion vehicles from the roads.

• Musabbeh Al Kaabi, ADNOC’s Executive Director for Low Carbon Solutions and International Growth, highlighted the strategic significance of this investment, emphasizing ADNOC's commitment to collaborating with partners across industries for practical solutions toward a net-zero energy future. Al Kaabi noted that carbon capture is a crucial tool in reducing emissions, with ADNOC targeting net-zero emissions by 2045. Storegga, the recipient of ADNOC's investment, is a key player in global decarbonization with a diverse portfolio of CCS projects in the UK, US, and Norway, including a leading role in the Acorn CCS project in the UK, set to store up to 10 million tonnes of CO2 per annum by 2030.