The state-owned Abu Dhabi National Oil Company said on Monday it would allocate $23 billion for decarbonisation and lower-carbon projects, up from a previous $15 billion target.

ADNOC made the announcement at its annual board meeting which was chaired by United Arab Emirates President Sheikh Mohammed bin Zayed Al Nahyan, Ednews informs via Reuters.

"The increased allocation will include investments to grow the company's domestic and international carbon management platforms," ADNOC said in a statement.

Sheikh Mohammed "directed ADNOC to grow its diversified portfolio and provide secure, reliable and responsible energy to support the delivery of a just, orderly and equitable global energy transition," the statement said.

ADNOC has said it aims to reduce its carbon intensity by 25% by 2030 and to reach net zero carbon emissions by 2045.

In late 2022, ADNOC at its board meeting approved a five-year business plan and capital expenditure of 550 billion dirhams ($150 billion) for 2023-2027. It also brought forward its target of five million barrels per day oil production capacity expansion to 2027 from 2030.