Adnoc’s said it has increased its budget to $23 billion for decarbonisation projects, technology and lower-carbon solutions which is an increase from the previous $15 billion.
The announcement was made at the annual meeting of the Adnoc board, which was attended by the UAE President Sheikh Mohamed bin Zayed.
“Adnoc continues to deliver on its mandate to transform, decarbonise and future-proof its business,” said Dr Sultan Al Jaber, Minister of Industry and Advanced Technology and managing director and group chief executive of Adnoc.
“By prioritising transformational growth, partnerships, and international opportunities, we are well positioned to grow our operations and unlock additional value, as we strive to make today’s energy cleaner,” Dr Al Jaber added.
Adnoc said that the board has agreed to “deploy” leading edge technologies to accelerate the decarbonisation, renewables growth and lower carbon solutions by 2045.
“ADNOC decarbonisation projects to meet its 25% reduction in carbon intensity by 2030 include using clean energy to provide 100% of its onshore grid electricity needs since the start of 2022 and connecting its offshore operations to the grid through a $3.8 billion (AED14 billion) project that, upon completion, can reduce its offshore carbon footprint by up to 50%,” the company said in the statement.
ADNOC also added that they are advancing nature-based solutions through its plan to plant 10 million mangroves by 2030.
The company has planted more than two million mangrove seedlings across Abu Dhabi, including 200,000 in 2022 using drones.
