ASSESSMENT OF ADNOC’S CLIMATE STRATEGY

The report finds that ADNOC's climate strategy is not aligned with a 1.5°C pathway, characterized by significant oil and gas expansion and insufficient transparency. ADNOC has the highest absolute short-term expansion overshooting the IEA NZE scenario worldwide, with 8,343 mmboe from fields with Final Investment Decisions (FID) after 2021. The company plans to increase crude oil production capacity by 25% between 2020 and 2027 and intends to expand its LNG capacity through new terminals in the UAE, India, and the Netherlands. Low-carbon investments represent only 10% of its 2023-27 CAPEX, and renewables are projected to make up less than 7% of its energy mix by 2030. Furthermore, ADNOC lacks scope 3 emission targets and does not provide detailed financial statements or production forecasts for 2030, hindering a full assessment of its transition risks.

• ADNOC's production in 2030 is projected to be 20% higher than the level required to align with the International Energy Agency's (IEA) Net Zero Emissions by 2050 Scenario (NZE), based on currently producing fields, fields under development, and field evaluation.
• ADNOC has the largest absolute short-term expansion overshooting the NZE globally, with over 8,343 million barrels of oil equivalent (mmboe) in fields under development or evaluation that received a Final Investment Decision (FID) after 2021.
• The company remains heavily focused on oil, which accounted for 98% of its fossil production in 2022, and it aims to grow its crude oil production capacity by 25% from 2020 to 2027.
• ADNOC's LNG expansion plans are not aligned with the NZE or APS scenarios. These plans include the Ruwais LNG export terminal in the UAE (operational 2027, 9.6 Mtpa), a minority stake in the VTTI FSRU in the Netherlands (operational 2024, 0.7 Mtpa), and operating two regasification terminals in India (Karaikal and AG&P, combined 6 Mtpa).
• Investment in low-carbon solutions and new energies accounts for 10% of ADNOC's total CAPEX guidance of US$150 billion for 2023-2027, amounting to US$15 billion per year.
• Renewable energy is expected to constitute less than 7% of ADNOC's energy supply mix by 2030, with its capacity largely derived from a 24% minority stake in Masdar.
• ADNOC's climate strategy lacks transparency and comprehensiveness; it does not disclose scope 3 targets, exhaustive current emissions, or its 2030 forecasted production volumes, making it impossible to project its GHG emissions trajectory.

APA

Delaporte, L.-M., Her, H., Pinson, L., Schreiber, P., Faul, C., & McCully, P. (2023). ASSESSMENT OF ADNOC’S CLIMATE STRATEGY. Reclaim Finance. https://reclaimfinance.org/site/wp-content/uploads/2023/11/20231128-briefing-climate-strategy-assessment-ADNOC.pdf

Chicago

Delaporte, Louis-Maxence, Henri Her, Lucie Pinson, Paul Schreiber, Clément Faul, and Paddy McCully. ASSESSMENT OF ADNOC’S CLIMATE STRATEGY. Reclaim Finance, 2023. https://reclaimfinance.org/site/wp-content/uploads/2023/11/20231128-briefing-climate-strategy-assessment-ADNOC.pdf.

Wikipedia

{{cite report |last1=Delaporte |first1=Louis-Maxence |last2=Her |first2=Henri |last3=Pinson |first3=Lucie |last4=Schreiber |first4=Paul |last5=Faul |first5=Clément |last6=McCully |first6=Paddy |title=ASSESSMENT OF ADNOC’S CLIMATE STRATEGY |publisher=Reclaim Finance |date=December 2023 |url=https://reclaimfinance.org/site/wp-content/uploads/2023/11/20231128-briefing-climate-strategy-assessment-ADNOC.pdf |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{delaporte2023assessment, author = {Delaporte, Louis-Maxence and Her, Henri and Pinson, Lucie and Schreiber, Paul and Faul, Clément and McCully, Paddy}, title = {{ASSESSMENT OF ADNOC’S CLIMATE STRATEGY}}, institution = {Reclaim Finance}, year = {2023}, month = dec, url = {https://reclaimfinance.org/site/wp-content/uploads/2023/11/20231128-briefing-climate-strategy-assessment-ADNOC.pdf}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }