Abu Dhabi National Oil Company (ADNOC) has signed an agreement with the Japan Bank for International Cooperation (JBIC) to secure a $3 billion green financing facility. This marks ADNOC’s first foray into green funding, following an initial non-binding agreement with JBIC in January.
The loan supports JBIC’s GREEN programme (Global action for Reconciling Economic growth and Environmental preservation), which promotes economic growth while ensuring environmental responsibility. The programme is also partially supported by Japanese commercial banks.
The oil and gas giant aims to reduce carbon intensity by 25% by 2030. To support this goal, ADNOC is investing $23 billion in decarbonising its operations and fostering the growth of future energy sources, such as hydrogen, geothermal, renewables, and carbon capture technologies.
Khaled Al Zaabi, ADNOC group chief financial officer, highlighted the role of this ‘first green funding,’ in accelerating decarbonisation and energy transition efforts. He said, “The agreement also marks the next milestone in the long-standing strategic energy relationship between the UAE and Japan, and we look forward to further collaboration with JBIC as ADNOC delivers against its ambitious growth strategy.”
