ADNOC has allocated US $15 billion to invest in a series of projects by 2030, which will help it accelerate its low-carbon growth strategy. The state-owned energy company said in a statement that it would invest in clean energy, carbon capture and storage, further operation electrification, energy efficiency and new measures based on its zero conventional gas burning policy.

Clean energy and new technology exploration

Dr. Sultan Al Jaber, Minister of Industry and Advanced Technology of the United Arab Emirates and CEO of ADNOC Group, said that ADNOC continued to take significant measures to make energy cleaner, while investing in clean energy and new technologies in the future.

Now more than ever, the world needs a pragmatic and responsible approach to energy transformation that is conducive to both growth and climate, and ADNOC is taking concrete actions to support these two goals. ADNOC is preparing a major investment to capture emissions from its Habshan gas treatment facility. The company said that this was part of its plan to increase its carbon capture capacity to 5 million tons per year by the end of this century.

ADNOC also said that its goal is to use the geological characteristics of the UAE to deploy new technologies to capture and store carbon dioxide. The company's Al Reyadah carbon capture plant was completed in 2016 with an annual capacity of 800000 tons.

To consolidate our good record in responsible and reliable energy production, ADNOC will quickly track major investments in landmark clean energy, low-carbon and decarbonizing technology projects, said Dr. Al Jaber. As we continue to provide future security for our business, we invite technology and industry leaders to cooperate with us to jointly promote meaningful actions to embrace energy transformation.

The company said that ADNOC will conduct a rigorous business and sustainability assessment to ensure that each project has a lasting and tangible impact. Last month, ADNOC said that it was building a new low-carbon solution and international vertical growth, and would focus on renewable energy, clean hydrogen and carbon capture and storage, and international expansion of natural gas, liquefied natural gas and chemicals.

ADNOC hydrogen energy industry

ADNOC is already a major producer of hydrogen and ammonia. Its Ruwais Industrial Park produces more than 300000 tons of hydrogen every year. In 2022, ADNOC approved a budget of US $150 billion for the next five years, because the company is preparing to establish its natural gas subsidiary and will be listed on the Abu Dhabi Stock Exchange in 2023. The board of directors of the company approved the plan to advance the capacity of ADNOC from the previous target of 2030 to 2027, which is currently 5 million barrels per day.

ADNOC said that the expansion of its new energy portfolio will be realized mainly through its shares in Abu Dhabi clean energy company Masdar. The company plans to increase its capacity from 20 GW to 100 GW by 2030. In December 2022, Abu Dhabi National Energy Corporation, Mubadara Investment Company and ADNOC completed a transaction and became shareholders of Masdar.

Masdar was founded by Mubadara in 2006, playing a leading role in the global energy field and helping to promote the national economic diversification and climate action agenda. Masdar currently operates in 40 countries, with a total investment of about US $20 billion.

ADNOC also said that since January 2022, after reaching an agreement with the UAE Hydropower Company, it has been 100% able to meet the power demand of solar energy and nuclear energy. In September 2022, ADNOC and Taqa completed a strategic project with a cost of 3.8 billion US dollars, which aims to provide power and decarbonization for ADNOC's offshore production business. A consortium consisting of Korean Electric Power, Kyushu Electric Power and French Electric Power will work with ADNOC and Taqa to build and operate the undersea transmission system. The development project is expected to reduce the carbon footprint of ADNOC's offshore business by as much as 50% and replace the existing offshore gas turbine generators with more sustainable power from Abu Dhabi's onshore power network.

ADNOC has set new methane emission targets for its upstream sector as part of its efforts to reduce overall greenhouse gas emissions. The company's goal is to achieve the minimum methane intensity target of 0.15% in the Middle East by 2025. The United Arab Emirates plans to invest US $160 billion in clean and renewable energy in the next three decades. It is building a 5000 megawatt Mohammed Bin Rashid Al Maktoum solar park in Dubai. Abu Dhabi is developing a two gigawatt solar power plant in its Al Dhafra region and has set a target of 5.6 gigawatt solar photovoltaic capacity by 2026.Editor/Xing Wentao