Abu Dhabi National Oil Company (ADNOC) PJSC has signed a general agreement with the Japan Bank for International Cooperation (JBIC) for a US$3 billion green financing facility. The update follows the signing of a Heads of Agreement between ADNOC and JBIC in January.
The credit facility is part of JBIC’s Global action for Reconciling Economic growth and ENvironmental preservation (GREEN) lending program and is partially supported by Japanese commercial banks.
“We are very pleased to once again partner with JBIC on ADNOC’s first green funding to accelerate our decarbonization and energy transition initiatives,” said Khaled Al Zaabi, ADNOC chief financial officer. “Proceeds of this credit facility will enable ADNOC’s strategy to support a just, orderly, and equitable global energy transition. 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.”
According to ADNOC, it is one of the least carbon-intensive oil and gas producers in the world and is further reducing its carbon intensity by 25% by 2030 while investing US$23 billion to decarbonize its operations and accelerate the growth of the energies of the future, including hydrogen, geothermal, renewables, and carbon capture technologies. ADNOC has also set out its ambition to achieve net zero by 2045 and zero methane emissions by 2030. The company is a founding member of the Oil and Gas Decarbonization Charter (OGDC), a coalition of International and National Oil Companies that have committed to zero methane emissions by 2030 and net zero by or before 2050.
