ABU DHABI - A respected industry report by Energy Intelligence has recognised ADNOC as the top National Oil Company (NOC) investor in low-carbon solutions and the 5th largest in the global industry in 2023.

The report, titled ‘Low-Carbon Investment Tracker: Corporate Spending Shift’, covers announced low-carbon investments of 34 leading international oil companies (IOCs) and NOCs. It also noted that ADNOC embarked on the newest low-carbon initiatives in 2023 by any IOC or NOC, as the company supports the delivery of a just, orderly and equitable energy transition.

These low-carbon initiatives include two major carbon capture projects, taking ADNOC’s committed investment for carbon capture capacity to almost 4 million tonnes per annum (mtpa). It also includes ADNOC’s investments through Masdar, targeting 100 gigawatts (GW) of renewable energy capacity by 2030. Energy Intelligence noted the changing geography of investments including offshore wind projects in the UK and Poland and growing investments in Central Asia as well as the Caucasus region.

In January, ADNOC’s Board of Directors increased the company’s allocation for decarbonisation projects, technologies, and lower-carbon solutions to $23 billion (AED84.4 billion). The company is targeting net zero by 2045 and has stated its ambition to double its CCS capacity target to 10 mtpa by 2030, which is the equivalent of removing over 2 million gasoline-powered cars from public highways.

ADNOC is also using clean energy to provide 100 percent of its onshore grid electricity needs since the start of 2022 and connecting its offshore operations to the grid through a $3.8 billion (AED14 billion) project that, upon completion, can reduce its offshore carbon footprint by up to 50 percent.

The report includes low-carbon investments across five categories – Low-Carbon Power Generation, Electricity Solutions, Hydrogen and Low-Carbon Fuels, Electric Vehicle (EV) and Mobility, and Carbon Capture Storage (CCS) and carbon removal. It is based on a proprietary, data-driven analysis of fast-growing green spending plans by Energy Intelligence, a leading energy information company.