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UAE Oil Producer Adnoc Plans 50% Boost in Low-Carbon Spending
The United Arab Emirates will boost spending by more than 50% on energy projects that limit or mitigate carbon dioxide emissions as Abu Dhabi’s government-owned oil producer targets international expansion. Abu Dhabi National Oil Co. will spend $23 billion on low-carbon projects, the company said in a statement. That’s an increase from the previous budget of $15 billion that Adnoc pledged for such investments through 2030 when it first announced the plan a year ago. The firm didn’t specify the time period for the upgraded investment or give additional specifics on the type of new projects it will target. Adnoc ... (full story)