The UAE's ADNOC has announced plans to reach net-zero emissions by 2050 and reduce its carbon intensity by 25% by 2030.
The announcement builds upon ADNOC's track record as a lower-carbon intensity energy producer, which includes its use of zero-carbon grid power, a commitment to zero flaring as part of routine operations and deployment of an at-scale carbon capture project.
ADNOC has allocated USD$15 billion to advance an array of projects across its value chain by 2030. These 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.
Throughout 2023, a suite of new projects and initiatives will be announced, including a first-of-its-kind CCS project, innovative carbon removal technologies, investment in new, cleaner energy solutions and strengthening of international partnerships. Together with the recent formation of the ADNOC's new Low Carbon Solutions and International Growth Directorate, these represent tangible and concrete action as the company reduces its carbon intensity by 25% by 2030 and moves towards its net zero by 2050 ambition.
ADNOC's expansion of CCS is planned to support the significant scale-up of hydrogen and lower-carbon ammonia production capabilities in Abu Dhabi.
The expansion of ADNOC's new energy portfolio will largely be delivered through its stake in Masdar, a leading developer and operator of utility scale renewable energy projects.