Abu Dhabi to invest $15 billion in decarbonization
The Abu Dhabi National Oil Company’s interest in carbon capture and hydrogen is not new, and is part of a wider shift in the United Arab Emirates.
The Abu Dhabi National Oil Company (ADNOC) announced a major investment in sustainable and green technology Thursday.
ADNOC said it allocated $15 billion to decarbonization projects to be invested by 2030. They specifically mentioned the following, according to a press release:
- carbon capture
- electrification
- carbon dioxide (CO2) absorption technology
- investment in renewable and hydrogen energy
What it means: Carbon capture is the process of capturing carbon dioxide from the atmosphere and then storing it or using it for other purposes. Electrification is the process of transitioning technology that runs on fuel to tech that uses electricity.
CO2 absorption could refer to a few things. In recent years, the United Arab Emirates (UAE) has been planting more trees in an effort to reduce carbon in the atmosphere. Trees take in CO2.
