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 Thursday. The state-owned company will look at international partnerships as part of its expansion of a cleaner-energy business unit established last year, with much of the focus being on carbon capture.
Adnoc said late last year that it would boost investments on all energy over the next five years including oil to $150 billion.
The UAE, the third-largest producer in the Organization of Petroleum Exporting Countries, is also betting on solar, nuclear, and hydrogen power to neutralize its emissions of carbon dioxide by 2050.
In November, Dubai will host the United Nation’s COP28 climate change conference, drawing heads of state, scientists, and business leaders.
“Adnoc continues to take significant steps to make today’s energy cleaner while investing in the clean energies and new technologies of tomorrow,” Chief Executive Officer Sultan Al Jaber said.