Abu Dhabi National Oil Company (ADNOC) announced an increased commitment to decarbonization and lower-carbon projects, raising its budget from USD15bn to USD23bn, as reported by Reuters on January 22. The announcement was made during the annual board meeting, chaired by United Arab Emirates President Sheikh Mohammed bin Zayed Al Nahyan. The additional funds will be utilized for investments in both domestic and international carbon management platforms. Sheikh Mohammed emphasized the importance of ADNOC’s diversified portfolio in providing secure, reliable, and responsible energy to support a global energy transition that is just, orderly, and equitable. ADNOC aims to reduce its carbon intensity by 25% by 2030 and achieve net-zero carbon emissions by 2045.

In late 2022, ADNOC approved a five-year business plan with a capital expenditure of USD150bn for 2023-2027, advancing its target for oil production capacity expansion to five million barrels per day by 2027. ADNOC’s “In-Country Value” program, designed to contribute to the UAE’s economy, injected USD11.2bn in 2023, with a goal to generate USD48.5bn over the next five years. The program has created 6,500 jobs for Emirati citizens in the private sector in 2023, contributing a total of USD51bn in value to the UAE economy since 2018 and generating 11,500 jobs for Emiratis in the private sector. Additionally, ADNOC has signed manufacturing deals worth USD16.9bn since 2022, with a target to locally manufacture USD19bn worth of products by 2027.

Sources:

https://www.reuters.com/sustainability/climate-energy/uaes-adnoc-boosts-lower-carbon-budget-23-billion-2024-01-22/