{"id":75486,"date":"2023-01-10T01:52:04","date_gmt":"2023-01-10T01:52:04","guid":{"rendered":"https:\/\/enterpriseam.com\/climate\/2023\/01\/10\/adnoc-sinks-bns-in-a-massive-decarbonization-push\/"},"modified":"2023-01-10T01:52:04","modified_gmt":"2023-01-10T01:52:04","slug":"adnoc-sinks-bns-in-a-massive-decarbonization-push","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/climate\/2023\/01\/10\/adnoc-sinks-bns-in-a-massive-decarbonization-push\/","title":{"rendered":"Adnoc sinks bns in a massive decarbonization push"},"content":{"rendered":"

<\/a> The UAE\u2019s state-owned Abu Dhabi National Oil Company (Adnoc) intends to <\/strong>allocate USD 15 bn to decarbonization projects by 2030<\/strong>, it announced in a statement<\/a> on Thursday. The projects include investments in clean power, carbon capture and storage (CCS), electrification, and energy efficiency. Adnoc plans to expand its carbon capture capacity to 5 mn tons per annum by 2030 \u2014 in a bid to establish the UAE as a global hub for carbon capture expertise and innovation \u2014 and reduce its carbon intensity by 25% by that time, the statement adds.<\/p>\n

Details are scant, but we\u2019ll know more this year:<\/strong> Projects set to be announced by Adnoc in 2023 include a \u201cfirst-of-its-kind\u201d CCS project, technology for carbon removal, international partnerships, and investment in clean energy solutions, the statement says.<\/p>\n

Adnoc\u2019s been making big decarbonization <\/strong>moves<\/strong> lately:<\/strong> The company announced in<\/a>December<\/a> that it had appointed Musabbeh Al Kaabi (LinkedIn<\/a>) to head up a new division focused on low-carbon solutions and international growth. The new division would likely focus on areas like renewables, hydrogen, and low-carbon technology like CCS, the statement said. Adnoc\u2019s board of directors approved the acceleration of its low-carbon growth strategy in November, along with its goal of net zero by 2050, Reuters<\/a> notes.<\/p>\n

And some strategic M&A decisions:<\/strong> Alongside the UAE\u2019s Abu Dhabi National Energy Company (Taqa), Adnoc completed a transaction to purchase stakes in UAE sovereign wealth fund Mubadala\u2019s clean energy firm Masdar in December<\/a>. Adnoc will hold a 24% stake in Masdar\u2019s renewables business and a 43% stake in its nascent green hydrogen business. \u201cAdnoc\u2019s expansion of its new energy portfolio will largely be delivered through its stake in Masdar,\u201d Thursday\u2019s statement notes.<\/p>\n

The company has also been decarbonizing its existing operations: <\/strong>Adnoc and Taqa reached financial close<\/a> in September on a USD 3.8 bn project to build a subsea transmission network designed to reduce emissions at offshore production facilities by providing them with mainland power. Adnoc inked an MoU<\/a> with India\u2019s Gail Limited in November to decarbonize liquefied natural gas (LNG), with the scope of cooperation including monitoring carbon emissions from LNG cargoes. The oil giant is also working<\/a> with Siemens Energy to launch a blockchain tech trail intended to measure its carbon footprint across its entire operational chain.<\/p>\n","protected":false},"excerpt":{"rendered":"

The UAE\u2019s state-owned Abu Dhabi National Oil Company (Adnoc) intends to allocate USD 15 bn to decarbonization projects by 2030, it announced in a statement on Thursday. The projects include investments in clean power, carbon capture and storage (CCS), electrification, and energy efficiency. Adnoc plans to expand its carbon capture capacity to 5 mn tons […]<\/p>\n","protected":false},"author":1,"featured_media":75487,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[257],"tags":[80,68,74,11,39,160,50,52],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-75486","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-decarbonization","tag-adnoc","tag-carbon-storage","tag-decarbonization","tag-enterpriseclimate","tag-green-hydrogen","tag-masdar","tag-mubadala","tag-uae","wpautop","entry"],"acf":{"mongo_id":"95eabfa9-dc3c-4f10-a5ef-a931cd4e4d6c","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/11\/500.jpg","photo_position":"above","related_issue":[75481],"teaser":"","voice_url":""},"yoast_head":"\nAdnoc sinks bns in a massive decarbonization push - Climate<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/climate\/2023\/01\/10\/adnoc-sinks-bns-in-a-massive-decarbonization-push\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Adnoc sinks bns in a massive decarbonization push\" \/>\n<meta property=\"og:description\" content=\"The UAE\u2019s state-owned Abu Dhabi National Oil Company (Adnoc) intends to allocate USD 15 bn to decarbonization projects by 2030, it announced in a statement on Thursday. 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