The state-owned Abu Dhabi National Oil Company said on Monday it would allocate $23 billion for decarbonisation and lower-carbon projects, up from a previous $15 billion target.
ADNOC made the announcement at its annual board meeting which was chaired by United Arab Emirates President Sheikh Mohammed bin Zayed Al Nahyan, Report informs via Reuters.
"The increased allocation will include investments to grow the company's domestic and international carbon management platforms," ADNOC said in a statement.
Sheikh Mohammed "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," the statement said.
ADNOC has said it aims to reduce its carbon intensity by 25% by 2030 and to reach net zero carbon emissions by 2045.
In late 2022, ADNOC at its board meeting approved a five-year business plan and capital expenditure of 550 billion dirhams ($150 billion) for 2023-2027. It also brought forward its target of five million barrels per day oil production capacity expansion to 2027 from 2030.
ADNOC on Monday said its "In-Country Value" programme had driven $11.2 billion into the UAE's economy in 2023, and the board endorsed a goal for the programme to generate $48.5 billion over the next five years. ADNOC created 6,500 jobs for Emirati citizens in the private sector in 2023 through the programme, it said.
The programme has brought $51 billion in value to the UAE economy since 2018 and created 11,500 jobs for Emiratis in the private sector, ADNOC said.
ADNOC said since 2022 it has signed local manufacturing deals worth $16.9 billion with local and international companies. ADNOC has a target to locally manufacture $19 billion worth of products it plans to procure by 2027.