Abu Dhabi National Oil Company (ADNOC) said on Jan. 5 it would allocate $15 billion to decarbonization projects by 2030.

The projects will include investments in clean power, carbon capture and storage (CCS) and electrification, a statement by the company said.

ADNOC's board of directors approved in November the acceleration of the company's low-carbon growth strategy and its goal of net zero by 2050.

The Abu Dhabi energy group will announce initiatives throughout 2023, including a CCS project, investments in new and cleaner energy solutions and international partnerships, the statement said.

ADNOC is committed to reducing its carbon intensity by 25% by 2030.

It plans to grow its carbon capture capacity to 5 million tonnes by that year.

ADNOC's expansion of its lower carbon energy portfolio will be largely delivered through its stake in Masdar, the UAE's clean energy vehicle.