Abu Dhabi National Oil Company (ADNOC) has been recognized as the top National Oil Company (NOC) investor in low-carbon solutions among NOCs and the fifth largest investor globally in the energy industry in 2023, according to a new report.
Energy information company Energy Intelligence has put out a new report titled ‘Low-Carbon Investment Tracker: Corporate Spending Shift.’ The new paper examines the announced low-carbon investments of 34 prominent international oil companies (IOCs) and NOCs. It also highlights that ADNOC embarked on the highest number of new low-carbon initiatives in 2023, surpassing both IOCs and NOCs. ADNOC’s commitment to facilitating a fair, organized, and equitable energy transition is evident through these initiatives.
ADNOC’s commitment to emission reduction
Abu Dhabi National Oil Company’s low-carbon endeavors encompass significant carbon capture projects, which contribute to a total committed investment of nearly 4 million tonnes per annum (mtpa) in carbon capture capacity. Additionally, ADNOC is investing through its subsidiary, Masdar, with the aim of achieving 100 gigawatts (GW) of renewable energy capacity by 2030. The report also highlights The company’s expanding geographic investments, including offshore wind projects in the UK and Poland, as well as increasing investments in Central Asia and the Caucasus region.
In January, ADNOC’s Board of Directors augmented the company’s allocation for decarbonization projects, technologies, and lower-carbon solutions to (AED84.4 billion) ($23 billion). ADNOC has set a target of reaching net-zero emissions by 2045 and expressed its ambition to double its carbon capture and storage (CCS) capacity to 10 mtpa by 2030, equivalent to removing over 2 million gasoline-powered cars from roads.
Clean energy transition
ADNOC has already made significant strides in utilizing clean energy, meeting 100 percent of its onshore grid electricity requirements through clean sources since the beginning of 2022. Furthermore, the company is connecting its offshore operations to the grid through a AED14 billion ($3.8 billion) project, which is expected to reduce its offshore carbon footprint by up to 50 percent upon completion.
Moreover, the report categorizes low-carbon investments into five areas: Low-Carbon Power Generation, Electricity Solutions, Hydrogen and Low-Carbon Fuels, Electric Vehicle (EV) and Mobility, and Carbon Capture Storage (CCS) and carbon removal. It is based on a data-driven analysis of the rapid growth in green spending plans and is conducted by Energy Intelligence, a prominent energy information company.
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