The government-owned oil producer of Abu Dhabi, the United Arab Emirates, is set to increase spending by more than 50% on energy projects aimed at mitigating carbon dioxide emissions. Abu Dhabi National Oil Co. (Adnoc) has announced a revised budget of $23 billion for low-carbon initiatives, up from the initial commitment of $15 billion through 2030 made a year ago. The company did not specify the timeframe for this augmented investment or provide additional details regarding the new projects it intends to pursue.
Adnoc’s initiatives include capturing carbon emissions at its natural gas processing plants and establishing a trading desk for emission offset credits. As the UAE focuses on advancing its oil and natural gas marketing before a global shift away from hydrocarbon use, Adnoc positions gas as a cleaner alternative, promoting it as a substitute for more polluting sources such as coal in emerging economies. The company is allocating $150 billion over five years to expand hydrocarbon production capacity and strengthen its global presence by developing international gas and chemicals businesses.
Adnoc’s CEO, Sultan Al Jaber, emphasised the company’s commitment to “prioritising transformational growth, partnerships, and international opportunities.” The company is actively pursuing various deals, including the merger of two chemical holdings into a $30 billion producer and acquiring international gas assets.
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