During a recent meeting chaired by UAE President Sheikh Mohamed bin Zayed Al Nahyan, ADNOC’s board increased the company’s budget allocation for landmark lower-carbon projects, technologies and lower-carbon solutions to $23 billion (AED84.4 billion). This decision aligns with the country’s ongoing commitment to inclusive, sustainable, and integrated economic and social development.
As per the Abu Dhabi Media Office, Sheikh Mohamed also endorsed ADNOC’s ambitious goal of injecting $48.5 billion (AED178 billion) back into the UAE economy over the next five years.
رئيس الدولة يترأس اجتماع مجلس إدارة "أدنوك"، وسموّه يوجه بتعزيز النمو في قطاعات أعمال الشركة المتنوعة، وضمان توفير إمدادات آمنة وموثوقة من الطاقة بشكل مسؤول. وخلال الاجتماع، اعتمد مجلس إدارة "أدنوك" زيادة المبلغ المخصّص للاستثمار في مشاريع خفض الانبعاثات ليصل إلى 84.4 مليار درهم pic.twitter.com/5QrPgeWYJe
— مكتب أبوظبي الإعلامي (@ADMediaOffice) January 22, 2024
Sheikh Mohamed highlighted the country’s commitment to inclusive, sustainable, and integrated economic and social development, with a particular focus on developing and diversifying capacities and expertise in the energy sector, which is pivotal to their development efforts and plans. Sustainability and emissions reduction are concurrent priorities.
Ensuring secure, fair transition in the global energy sector
During the meeting, the UAE President directed the company to achieve growth across diverse business sectors. The aim is to ensure a secure and reliable supply of energy while actively supporting a smooth, fair, logical, and responsible transition in the global energy sector. This will be accomplished through implementing quality transitions, reducing operational emissions, and staying abreast of future demands, according to Sheikh Mohamed.
Read more: UAE’s ADNOC inks first 15-year LNG supply deal with China’s ENN
Furthermore, Sheikh Mohamed commended ADNOC’s efforts to triple its renewable energy production capacity through its involvement with Masdar. The company is taking tangible steps to achieve its 2030 goals, including a 25 percent reduction in greenhouse gas emissions intensity and near-zero net emissions of methane, Sheikh Mohamed said. His Highness added that the UAE remains steadfast in its commitment to global energy security and the pursuit of a more sustainable future.
Notable agreements
As of 2022, ADNOC has entered into agreements totaling AED62 billion with a range of local and international companies. These agreements play a crucial role in expediting the company’s progress towards its procurement plans, specifically aimed at acquiring locally manufactured products valued at AED70 billion by 2027.
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