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UAE’s ADNOC commits $15 billion to reducing its global emissions
The company wants to raise its carbon capture capacity to five million tonnes annually by 2030
As the UAE focuses on industrial growth within the energy transition, the Abu Dhabi National Oil Company has set aside up to $15 billion as part of a new plan intended to hasten the reduction of its global emissions.
According to WAM, the amount would be used in several initiatives spread over the state-owned company’s value chain by 2030.
“Cementing our strong track record of responsible and reliable energy production, ADNOC will fast-track significant investments into landmark clean energy, low-carbon and decarbonization technology projects,” said Sultan Ahmed Al Jaber, managing director and group CEO at ADNOC.
The innovative capture and storage project for carbon will also be a part of the new approach. ADNOC intends to perform thorough commercial and sustainability assessments to guarantee that each one of those projects will produce long-lasting and palpable impacts.
At its Habshan gas processing complex, ADNOC is ready to make a “significant” investment to capture pollutants. By the end of the decade, the company wants to raise its carbon capture capacity to five million tonnes annually.
ADNOC also stated that it intends to use innovative technologies to capture and store carbon dioxide by taking advantage of the UAE’s geological features.
“This strategic, multi-billion-dollar initiative underscores ADNOC’s industry leadership as a leading global provider of lower-carbon energy,” Al Jaber added.
According to a press statement, ADNOC sent the first-ever shipment of low-carbon ammonia from the UAE to Germany in September 2022.
In the same month, an agreement was finalised for building an AED 13 billion strategic project to power and decarbonize ADNOC’s offshore production operations between ADNOC and Abu Dhabi National Energy Co., also known as TAQA.
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