Abu Dhabi National Oil Company (ADNOC) is to invest $15bn (AED55bn) decarbonising its operations.
Today’s announcement follows the guidance by ADNOC’s Board of Directors in November 2022 to accelerate delivery of its low-carbon growth strategy and approval of its Net Zero by 2050 ambition.
Project investments to 2030 will cover clean power, carbon capture and storage (CCS), electrification, new carbon dioxide (CO2) absorption technology, energy efficiency and measures to build on ‘zero routine’ gas flaring.
The company said it will apply ‘a rigorous commerical and sustainability assessment’ to ensure that each project delivers lasting tangible impact.
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