The UAE has set aside $15 billion for energy-transition projects over the next decade, as the Middle Eastern oil giant attempts to improve its environmental credentials ahead of hosting a critical global climate summit.
The investments will be made by Abu Dhabi National Oil Company, according to a government statement issued on Thursday. As part of the expansion of a cleaner-energy unit established last year, the state-owned corporation would consider overseas partnerships including carbon capture.
Adnoc announced in November that it would increase its investment in all energy, including oil, to $150 billion over the following five years. It intends to make additional announcements in the coming months about its efforts to become more environmentally friendly. So far, it has primarily focused on reducing emissions and turning to cleaner energy consumption at home, while continuing to export hydrocarbons and the products they are processed into.
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The UAE, the third-largest producer in the Organization of Petroleum Exporting Countries, is banking on solar, nuclear, and hydrogen energy to offset its carbon dioxide emissions by 2050.
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In November and December, Dubai will host the United Nations' COP28 climate change summit, which will bring heads of state, scientists, and business executives. As the event's first major petrostate and OPEC member, the UAE has stated that oil-producing countries and industries must be included in the debate over climate change, as well as conversations about energy security and affordability.
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"Adnoc continues to take substantial measures to make today's energy cleaner while investing in tomorrow's clean energies and innovative technologies," CEO Sultan Al Jaber said in a statement on Thursday.
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