ADNOC allocates $15bn to low-carbon solutions
SUMMARY
The company plans to announce a suite of new projects and initiatives throughout 2023.
By Shardul SharmaPOSTED IN:
State-owned ADNOC has allocated $15bn for decarbonisation projects by 2030 including carbon capture, electrification, new CO2 absorption technology and enhanced investments in hydrogen and renewables, it said on January 5.
Throughout 2023, a suite of new projects and initiatives will be announced, including a “first-of-its-kind” CCS project, carbon removal technologies, investment in new, cleaner energy solutions and strengthening of international partnerships, it said.
“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,” ADNOC said.
Building on ADNOC’s Al Reyadah facility, which has the capacity to capture up to 800,000 metric tons/year of CO2, the company said it 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 5mn mt/yr by 2030, the UAE will be firmly established as a worldwide hub for carbon capture expertise and innovation," it said.
ADNOC’s expansion of its new energy portfolio will largely be delivered through its stake in Masdar, the UAE’s clean energy company with over 20 GW of capacity today with plans to increase its capacity to 100 GW by 2030.
