January 22, 2024 [Upstream]- State-run Abu Dhabi National Oil Company (Adnoc) will commit an additional $8 billion to its unfolding decarbonisation projects, technologies and lower-carbon solutions, with the total planned long-term spending target upped to $23 billion.

The company said in a statement that the decision has been approved at a recent meeting of the Adnoc board of directors, led by chairman Sheikh Mohamed bin Zayed Al Nahyan.

Al Nahyan noted the progress of the company in tripling its renewable energy capacity through its shareholding in renewable energy player Masdar and delivering towards Adnoc’s interim targets of reducing its greenhouse gas intensity by 25% and achieving near-zero methane emissions by 2030, the statement said.

An Adnoc spokesperson told Upstream: “The increased allocation will include investments to grow our domestic and international carbon management platforms.”

The company has a target to reach net zero emisions by 2045, according to the most recent statement.

On short-term targets, the company said that it is working to achieve a 25% reduction in carbon intensity by 2030, and is pursuing a $3.8 billion decarbonization project to employ “clean energy” at its offshore operations by connecting them to the onshore electricity grid.

Upon completion, this project can reduce the company’s offshore carbon footprint by up to 50%, Adnoc said.

The company has also reiterated its ambition to double its carbon capture and storage capacity target to 10 million tonnes per annum by 2030, which is the equivalent of removing over 2 million gasoline-powered cars from the road.

Through its 24% shareholding in Masdar, Adnoc is supporting Masdar’s target to reach 100 gigawatts of renewable energy capacity by 2030, the company said.

Adnoc managing director and group chief executive Sultan Ahmed Al Jaber said: “As a leading global energy provider, we are committed to enabling a lower-carbon future and a just, orderly and equitable energy transition,” echoing the global climate goals approved at COP28 climate talks in Dubai in December.

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