ADNOC’s allocation for decarbonization projects, including carbon capture, electrification, new CO2 absorption technology, hydrogen, and renewables increased from $15 billion to $23 billion in early 2024. The company also increased its carbon capture capacity target to 10 million tonnes per year by 2030, up from the previous target of five million tonnes. It also finalized its take on two major carbon capture, utilization, and storage projects with a combined capacity to capture and permanently store 2.9 million tonnes per annum of CO2. In July 2024, ADNOC signed a $3 billion green financing agreement with the Japan Bank for International Cooperation (JBIC).