Adnoc, Abu Dhabi’s state-owned oil company, has decided to increase its budget for landmark decarbonisation projects, technologies and lower carbon solutions to $23 billion.

This was decided in the annual meeting of the Adnoc Board of Directors presided over by UAE President Sheikh Mohamed bin Zayed Al Nahyan, who also directed the company to grow its diversified portfolio and provide secure, reliable and responsible energy to support the delivery of a just, orderly and equitable global energy transition.

Adnoc is tripling its renewable energy capacity through its shareholding in Masdar while delivering tangible actions towards its interim targets of reducing its greenhouse gas intensity by 25 per cent and achieving near-zero methane emissions by 2030.

The board emphasised Adnoc’s role as a catalyst for the UAE’s economic and industrial growth and 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) programme in 2023.

Since 2022, Adnoc has signed local manufacturing agreements with UAE and international companies worth $16.9 billion accelerating progress against its target to locally manufacture $19 billion worth of products in its procurement pipeline by 2027.

These achievements bring the total value driven back into the UAE economy to $51 billion.

Adnoc also created 6,500 jobs for UAE nationals in the private sector in 2023 through the programme, in partnership with the Emirati Talent Competitiveness Council (Nafis).