UAE state energy company Adnoc is to lift spending on decarbonisation projects, a month after its chair presided over the UN COP28 climate summit where countries agreed to transition away from fossil fuels.
Adnoc’s board, which includes the country’s vice-president and the crown prince of Abu Dhabi, agreed to increase investment in the sector to $23bn by 2030 from the previous $15bn, the company said.
Despite the boost in decarbonisation funding over the next six years, Adnoc aims to spend $150bn on capital expenditure mainly to expand its oil and gas production capacity over in a five year plan launched in 2022.
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