An oil production company in the United Arab Emirates Abu Dhabi National Oil Co (ADNOC) plans to invest $15 billion in green transition projects by 2030.
Investments are expected to include international partnership and carbon capture projects, as part of the expansion of the clean energy division ADNOC, reports Bloomberg.
The article noted that such an initiative is designed to strengthen the UAE's environmental position on the eve of the Climate Summit COP28, which will be attended by heads of state, scientists and business leaders.
The UAE has said that oil-producing countries and companies must participate in the debate on climate change, as well as energy security and affordability.
ONE continues to take significant steps to make today's energy cleaner while investing in the clean energy and new technologies of tomorrow," said Chief Executive Officer Sultan Al Jaber.
The article emphasized that the company also plans to increase investments in the entire energy sector, in particular oil, to over the next five years. $150 billion. Also in ADNOC made several announcements regarding efforts to increase greening. So far, they are mainly focused on reducing emissions and transitioning to cleaner energy in the UAE, while exporting the hydrocarbons and fuel products they process.
It is noted that the UAE is the third largest producer in the Organization of Petroleum Exporting Countries (OPEC). Country is betting on solar, nuclear and hydrogen power to neutralize its carbon dioxide emissions by 2050.
Earlier, EcoPolitic wrote, that the companies Emirates Steel Arkan (UAE) together with ITOCHU and JFE Steel (Japan) are considering the possibility of building plant for the production of low-carbon ferrous metallurgy raw materials in Abu Dhabi.
As EcoPolitic previously reported, a new report by the International Energy Agency (IEA) showed that overall investment in renewable energy technologies and infrastructure should exceed $4.5 trillion by 2030, to meet climate targets by mid-century.
