Abu Dhabi ADNOC ramps up investments in decarbonisation efforts to $23bln

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The board of directors of Abu Dhabi National Oil Company (ADNOC) has increased the state-owned energy major’s budget allocation for decarbonisation projects and low-carbon solutions to $23 billion (84.4 billion dirhams).

The chairman of the board, UAE’s President Sheikh Mohamed bin Zayed Al Nahyan, directed the company to grow its diversified portfolio to support the delivery of a just, orderly and equitable global energy transition, a statement on Monday read.

The ADNOC board endorsed the company’s goal to drive $48.5 billion back into the UAE economy over the next five years, building on $11.2 billion generated through its In-Country Value (ICV) program in 2023.

ADNOC also created 6,500 jobs for UAE nationals in the private sector in 2023 through the program.

“These achievements bring the total value driven back into the UAE economy to $51 billion, with 11,500 UAE nationals employed in the private sector since the program was launched in 2018.”

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