The UAE’s state-owned Abu Dhabi National Oil Company (Adnoc) intends to allocate USD 15 bn to decarbonization projects by 2030, it announced in a statement on Thursday. The projects include investments in clean power, carbon capture and storage (CCS), electrification, and energy efficiency. Adnoc plans to expand its carbon capture capacity to 5 mn tons per annum by 2030 — in a bid to establish the UAE as a global hub for carbon capture expertise and innovation — and reduce its carbon intensity by 25% by that time, the statement adds.

Details are scant, but we’ll know more this year: Projects set to be announced by Adnoc in 2023 include a “first-of-its-kind” CCS project, technology for carbon removal, international partnerships, and investment in clean energy solutions, the statement says.

Adnoc’s been making big decarbonization moves lately: The company announced in December that it had appointed Musabbeh Al Kaabi (LinkedIn) to head up a new division focused on low-carbon solutions and international growth. The new division would likely focus on areas like renewables, hydrogen, and low-carbon technology like CCS, the statement said. Adnoc’s board of directors approved the acceleration of its low-carbon growth strategy in November, along with its goal of net zero by 2050, Reuters notes.

And some strategic M&A decisions: Alongside the UAE’s Abu Dhabi National Energy Company (Taqa), Adnoc completed a transaction to purchase stakes in UAE sovereign wealth fund Mubadala’s clean energy firm Masdar in December. Adnoc will hold a 24% stake in Masdar’s renewables business and a 43% stake in its nascent green hydrogen business. “Adnoc’s expansion of its new energy portfolio will largely be delivered through its stake in Masdar,” Thursday’s statement notes.

The company has also been decarbonizing its existing operations: Adnoc and Taqa reached financial close in September on a USD 3.8 bn project to build a subsea transmission network designed to reduce emissions at offshore production facilities by providing them with mainland power. Adnoc inked an MoU with India’s Gail Limited in November to decarbonize liquefied natural gas (LNG), with the scope of cooperation including monitoring carbon emissions from LNG cargoes. The oil giant is also working with Siemens Energy to launch a blockchain tech trail intended to measure its carbon footprint across its entire operational chain.