ADNOC allocates $15 billion for low-carbon solutions

ADNOC allocates $15 billion for low-carbon solutions

ADNOC has allocated $15 billion to advance low-carbon projects. These projects will include investments in clean power, carbon capture and storage, further electrification of its operations, energy efficiency, and new measures to build on ADNOC’s long-standing policy of zero routine gas flaring.

This year, the company will be announcing a suite of new projects and initiatives including a carbon capture and storage project, innovative carbon removal technologies, investment in new, cleaner energy solutions, and strengthening of international partnerships.

In its statement, ADNOC said that the expansion of its new energy portfolio will largely be delivered through its stake in Masdar. Masdar is a clean energy powerhouse with over 20 gigawatts (GW) of clean energy and plans to increase its capacity to 100 GW by 2030.

Last year, ADNOC, Abu Dhabi National Energy Company (TAQA), and Mubadala became shareholders in Masdar with ADNOC taking the leading role in Masdar’s green hydrogen business with a 43% stake.

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