UAE to invest $23bn in low-carbon energy solutions over next 5 years

HOUSTON, Texas -- The United Arab Emirates will invest $23 billion over five years in next-generation low-carbon energy like hydrogen and ammonia, aiming to capture 5% of the world's clean hydrogen production by 2030, a top executive at Abu Dhabi National Oil Company (ADNOC) told Nikkei.

While continuing to develop oil and natural gas, ADNOC will produce hydrogen and ammonia in the UAE and the U.S. state of Texas, according to Musabbeh Al Kaabi, executive director of the company's low-carbon division.