UAE Plans $15 Billion Push for Low-Carbon Energy by 2030

Jan 6, 2023 01:31 PM ET
  • State oil producer Adnoc earmarks spending on carbon capture
  • Spending belongs to strategy to spend $150 billion on energy
UAE Plans $15 Billion Push for Low-Carbon Energy by 2030
Image: Luke Sharrett/Bloomberg

The United Arab Emirates is earmarking $15 billion for energy-transition projects over the remainder of the decade as the Middle Eastern oil producer looks for to burnish its green credentials ahead of hosting a key worldwide climate summit.

Abu Dhabi National Oil Co. will make the financial investments, the government claimed in a statement on Thursday. The state-owned company will take a look at global partnerships and also carbon capture as part of its development of a cleaner-energy unit developed last year.

Adnoc stated in November that it would certainly improve financial investments on all energy over the following 5 years-- consisting of oil-- to $150 billion. It plans numerous statements over the next numerous months on its efforts to come to be greener. Thus far, it's mostly focuses on cutting emissions and also shifting to cleaner energy use in the house while still exporting of hydrocarbons and also products they're refined into.

UAE Plans Global Energy Push With $150 Billion of Spending

The UAE, the third-largest producer in the Organization of Petroleum Exporting Countries, is banking on solar, nuclear and hydrogen power to counteract its emissions of co2 by 2050.

Dubai will organize the United Nation's COP28 climate modification seminar in November as well as December, attracting heads of state, scientists and also business leaders. The UAE has actually stated that oil-producing nations and business need to be part of the debate around climate change, and that there should additionally be conversations about energy safety as well as affordability.

"Adnoc remains to take substantial steps to make today's energy cleaner while purchasing the clean energies as well as new modern technologies of tomorrow," President Sultan Al Jaber said in Thursday's declaration.



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