ADNOC emissions reduction investment to reach AED 84.4 billion

ADNOC has increased the allocation for decarbonisation projects and low-carbon solutions to reach AED 84.4 billion at its meeting of the board of directors.

UAE President His Highness Sheikh Mohamed bin Zayed al Nahyan, who chaired the meeting at the ADNOC headquarters in Abu Dhabi, confirmed that the country will continue to develop and diversify its capabilities and expertise in the energy sector.

The areas of investment will include developing ADNOC's business locally and internationally in the field of carbon management, and enhancing its efforts in reducing emissions of its businesses and the companies it deals with.

His Highness also directed ADNOC to achieve growth in various business sectors, and to provide safe and reliable supplies of energy to support the achievement of a responsible transition in the global energy sector. He added the sector is the backbone of development efforts and plans, with a simultaneous focus on sustainability and reduced emissions.

The President praised ADNOC’s efforts to triple its ability to produce renewable energy through its stake in Masdar, and for taking concrete practical measures to achieve its interim goals for the year 2030, which are to reduce the intensity of greenhouse gas emissions by 25 per cent, and achieve near net-zero emissions of methane gas.

The UAE President has chaired the ADNOC Board of Directors meeting, and given directives for ADNOC to grow its diversified portfolio and ensure a secure and responsible energy supply. The board also approved an allocation of AED84.4 billion for decarbonisation projects. pic.twitter.com/7GfnuBredi

— مكتب أبوظبي الإعلامي (@ADMediaOffice) January 22, 2024