ADNOC to spend $15 billion on energy-transition projects over next decade

(Bloomberg) — The United Arab Emirates is earmarking $15 billion for energy-transition projects over the rest of the decade as the Middle Eastern oil producer seeks to burnish its green credentials ahead of hosting a key global climate summit.

Abu Dhabi National Oil Co. will make the investments, the government said in a statement on Jan. 5. The state-owned company will look at international partnerships and carbon capture as part of its expansion of a cleaner-energy unit established last year.

ADNOC said in November that it would boost investments on all energy over the next five years — including oil — to $150 billion. It plans several announcements over the next several months on its efforts to become greener. So far, its main focus is on cutting emissions and shifting to cleaner energy use at home while still exporting hydrocarbons and products they’re refined into.

Dubai will host the United Nation’s COP28 climate change conference in November and December, drawing heads of state, scientists and business leaders. The UAE has said that oil-producing countries and companies must be part of the climate change debate and that there should also be discussions about energy security and affordability.