ESG & Investing
UAE Oil Giant Doubles Carbon Capture Target Ahead of COP Summit
- Adnoc aims to capture 10 million tons of carbon dioxide a year
- UAE burnishing green goals ahead of hosting UN climate summit
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The United Arab Emirates’ biggest oil producer is doubling its carbon-capture target as the company works toward a net-zero goal and looks to burnish its green credentials before the UN’s main climate summit.
Abu Dhabi National Oil Co. plans to capture 10 million tons of carbon dioxide emissions annually by 2030, up from a previous target of 5 million tons, according to a statement. Adnoc’s executive committee, chaired by Crown Prince Sheikh Khaled bin Mohamed Al Nahyan, approved the plan as part of the company’s strategy to have net zero emissions from its own operations by 2045.