UAE’s Adnoc allocates $15bn to decarbonise operations by 2050

State oil major Abu Dhabi National Oil Company (Adnoc) has allocated AED55 billion ($14.97 billion) to decarbonise its operations by 2050, the oil giant said in a statement. 

Projects will include investments in clean power, carbon capture and storage (CCS), further electrification of its operations, energy efficiency and new measures to build on Adnoc’s long-standing policy of zero routine gas flaring.

The company has committed to reducing its carbon intensity by 25 percent by 2023 as it moves towards its goal of achieving net zero by 2050.

Sultan Ahmed Al Jaber, UAE minister of industry and advanced technology, and Adnoc managing director and group CEO, said the company will “fast-track significant investments into landmark clean energy, low-carbon and decarbonisation technology projects”.

Adnoc will announce plans to deploy technologies to capture, store and absorb CO2 and prepare for its next significant investment to capture emissions from its Habshan gas processing facility.

Adnoc’s Al Reyadah facility currently captures up to 800,000 tonnes per year of CO2. The oil major plans to expand its carbon capture capacity to five million tonnes per year by 2030.

New Energy Portfolio

In addition, the expansion of CCS is proposed to support the significant scale-up of hydrogen and lower-carbon ammonia production capabilities in Abu Dhabi as the firm advances a one million-tonne-per-year blue ammonia production facility at TA’ZIZ.

Adnoc has delivered test cargoes of low-carbon ammonia to Europe and Asia. The company’s expansion of its new energy portfolio will primarily be delivered through its stake in the UAE’s clean energy firm Masdar.