Abu Dhabi’s ADNOC allocates Dh55b to decarbonisation projects
The projects will include investments in clean power, carbon capture and storage
Abu Dhabi: Abu Dhabi National Oil Company (ADNOC) said on Thursday it would allocate Dh55 billion to decarbonise its operations by 2030.
These projects will include investments in clean power, carbon capture and storage (CCS), further electrification of its operations, energy efficiency and new measures to build on ADNOC's long-standing policy of zero routine gas flaring.
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.
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.
New projects and initiatives
Throughout 2023, ADNOC will announce a range of new projects and initiatives including a first-of-its-kind CCS project; innovative carbon removal technologies; investment in new; cleaner energy solutions and strengthening of international partnerships. “Together with the recent formation of the ADNOC’s new Low Carbon Solutions and International Growth Directorate, these represent tangible and concrete action as the company reduces its carbon intensity by 25 per cent by 2023 and moves towards its Net Zero by 2050 ambition,” the energy giant said in a statement.
“Cementing our strong track record of responsible and reliable energy production, ADNOC will fast-track significant investments into landmark clean energy, low-carbon and decarbonisation technology projects,” said Dr. Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology, and ADNOC Managing Director and Group CEO. “As we continue to future-proof our business, we invite technology and industry leaders to partner with us, to collectively drive real and meaningful action that embraces the energy transition. This strategic, multibillion-dollar initiative underscores ADNOC’s industry leadership as a leading global provider of lower-carbon energy.”
New line of investment
Building on ADNOC’s Al Reyadah facility, the company will announce plans to deploy technologies to capture, store and absorb CO2. The energy giant will be focusing on its next major investment to capture emissions from its Habshan gas processing facility. Combined with ADNOC’s planned expansion of its carbon capture capacity to 5 million tonnes per year by 2030.
ADNOC also concluded a Dh14 billion deal to build a first-of-its-kind, sub-sea transmission network in the MENA region, connecting ADNOC’s offshore operations to the onshore power network, with the potential to reduce ADNOC’s offshore carbon footprint by up to 50 per cent.