ADNOC Board Approves $23 Billion Budget Surge for Decarbonization
The board of directors at the Abu Dhabi National Oil Company (ADNOC) has approved a substantial increase in the budget allocation for decarbonization initiatives and low-carbon solutions, raising the figure to an impressive $23 billion (84.4 billion dirhams).
The directive came from the board's chairman and the President of the United Arab Emirates, Sheikh Mohamed bin Zayed Al Nahyan, who urged ADNOC to expand its diversified portfolio.
The goal is to contribute to a fair, systematic, and equitable global energy transition, as stated in a press release issued on Monday.
In alignment with these objectives, the ADNOC board has given its endorsement to the company's ambitious target of injecting $48.5 billion back into the UAE economy over the next five years.
This builds upon the commendable achievement of generating $11.2 billion through the In-Country Value (ICV) program in 2023.
Source: Brinda Darasha / Zawya
