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Abu Dhabi National Oil Co. will spend $23 billion on low-carbon projects, the company said in a statement. That’s an increase from the previous budget of $15 billion that Adnoc pledged for such investments through 2030 when it first announced the plan a year ago.
During the meeting, which was held at ADNOC Headquarters, the president directed ADNOC to grow its diversified portfolio and provide secure, reliable and responsible energy to support the delivery of a just, orderly and equitable global energy transition.
ADNOC is developing projects that will capture carbon emissions at its natural gas processing plants and is working to develop a trading desk for credits that can offset emissions.
ADNOC is targeting a carbon capture capacity of 10 MMtpa by 2030, equivalent to taking over 2 million internal combustion vehicles off the road.
ADNOC is targeting a carbon capture capacity of 10 MMtpa by 2030, equivalent to taking over 2 million internal combustion vehicles off the road.