The Abu Dhabi National Oil Company (ADNOC) has announced that it will lift its capital budget for low-carbon and decarbonisation projects from its previous target of US$15 billion to US$23 billion for its five-year business plan for 2023-2027, which has a total capital spending budget of US$150 billion.

A statement released by the company said the move was designed to “grow its diversified portfolio and ensure a secure, reliable, and responsible supply of energy to support a just, orderly and equitable global energy transition”, and that its board is mandating a prioritisation of “transformational growth, partnerships, and international opportunities”. Part of the spending will presumably be on achieving the goal of “near-zero methane emissions by 2030” – the most pragmatic immediate means of reducing greenhouse gas emissions while continuing to supply in-demand fossil fuels.

Interestingly, the ADNOC board also praised the company for “prioritising UAE talent development and upskilling its workforce in emerging technologies, including artificial intelligence and digitalisation”, a nod to the growing role of information technologies in the energy sector.