ADNOC announced today an investment of $15 billion in a range of projects by 2030 that will help the state-owned energy company accelerate its low-carbon growth strategy.
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.
This year, a suite of new projects and initiatives will be announced, 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% by 2030 and moves towards its Net Zero by 2050 ambition.
Dr Sultan Ahmed ADNOC’s managing director and group CEO, said: “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.Â
ADNOC’s carbon capture plans
Building on ADNOC’s Al Reyadah facility, which has the capacity to capture up to 800,000 tons of CO2 per year, the company will announce plans to deploy technologies to capture, store and absorb CO2 by leveraging the UAE’s geological properties while preparing for 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 tons per annum (mtpa) by 2030, the UAE will be firmly established as a worldwide hub for carbon capture expertise and innovation.
ADNOC’s expansion of its new energy portfolio will largely be delivered through its stake in Masdar, the UAE’s clean energy powerhouse with over 20 gigawatts (GW) of clean energy today and plans to increase its capacity to 100 GW by 2030. Masdar is also spearheading the UAE’s drive to develop a leading position in green hydrogen.
Building on the multi-billion capital investment in decarbonization projects, ADNOC is working closely with its international partners and stakeholders across the energy value chain to collaborate on technology, best practices and policy to support and drive global decarbonization efforts.
