The Abu Dhabi National Oil Company (ADNOC) has raised its budget for decarbonization and lower-carbon projects to $23 billion, up from the earlier target of $15 billion. The announcement was made during ADNOC's annual board meeting, chaired by United Arab Emirates President Sheikh Mohammed bin Zayed Al Nahyan. The enhanced allocation will encompass investments in expanding the company's carbon management platforms both domestically and internationally, according to ADNOC's statement.
Sheikh Mohammed directed ADNOC to expand its diversified portfolio and supply secure, reliable, and responsible energy to support a fair, orderly, and equitable global energy transition, according to the statement. ADNOC aims to reduce its carbon intensity by 25% by 2030 and achieve net-zero carbon emissions by 2045. In late 2022, the company approved a five-year business plan and capital expenditure of $150 billion for 2023-2027, advancing its target of five million barrels per day oil production capacity expansion to 2027 from 2030.
ADNOC reported that its "In-Country Value" program injected $11.2 billion into the UAE's economy in 2023, with a board-approved goal of generating $48.5 billion over the next five years. The program, active since 2018, has contributed $51 billion in value to the UAE economy, creating 11,500 jobs for Emiratis in the private sector. ADNOC aims to locally manufacture $19 billion worth of products it plans to procure by 2027 and has signed local manufacturing deals worth $16.9 billion since 2022.