Report: Adnoc leads among national oil companies in low-carbon investment
Date
2/29/2024 7:23:43 AM
(MENAFN) According to a report, Adnoc, the state-run energy company of Abu Dhabi, emerged as the top spender on low-carbon solutions among national oil companies in the previous year. This development occurred amidst a notable decline in low-carbon expenditures across the global oil and gas sector, as major energy companies prioritized profitability and meeting the demand for fossil fuels.
Adnoc, which holds responsibility for nearly all of the UAE's oil and gas production, spearheaded the initiation of the highest number of new low-carbon projects among both international and national oil companies, as outlined in an Energy Intelligence report. Notably, Adnoc embarked on two significant carbon capture projects, elevating its committed investment to nearly four million tonnes per annum.
These investments also encompassed Adnoc's contributions through Masdar, a clean energy company based in Abu Dhabi, which aims to achieve 100 gigawatts of renewable energy capacity by 2030. In January, Adnoc's board approved an increase in the company's allocation for decarbonization projects, technologies, and lower-carbon solutions to USD23 billion, up from USD15 billion previously allocated.
As part of its commitment to achieving net zero emissions by 2045, Adnoc plans to double its carbon capture and storage capacity target to 10 million tonnes per annum by the end of the decade, equivalent to removing over two million petrol-powered cars from the roads. Furthermore, Adnoc has transitioned to using renewable energy to meet all of its onshore grid electricity requirements since the beginning of 2022.
In a separate initiative, the company is undertaking a USD3.8 billion project to connect its offshore operations to the grid, with the potential to reduce its offshore carbon footprint by up to 50 percent. These endeavors reflect Adnoc's proactive approach towards advancing sustainability and mitigating environmental impact across its operations.
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