ADNOC Secures $3 Billion Green Financing Facility for Decarbonization Efforts

UAE: The Abu Dhabi National Oil Company (ADNOC) has signed a significant green financing agreement with the Japan Bank for International Cooperation (JBIC).

This $3 billion (AED 11 billion) green financing facility represents ADNOC’s first dedicated funding source for its decarbonization and energy transition initiatives. The agreement strengthens the long-standing partnership between ADNOC and JBIC.

Supporting a Just Energy Transition

The credit facility falls under JBIC’s GREEN lending program, specifically designed to support economic growth while promoting environmental preservation. Proceeds from this financing will directly contribute to ADNOC’s strategy for a just, orderly, and equitable global energy transition.

Deepening UAE-Japan Partnership

ADNOC Group Chief Financial Officer, Khaled Al Zaabi, highlighted the agreement’s significance. He emphasized its role in not only advancing ADNOC’s decarbonization goals but also solidifying the strategic energy relationship between the UAE and Japan. ADNOC looks forward to further collaboration with JBIC as it pursues its ambitious growth plans.

ADNOC is already recognized as one of the world’s least carbon-intensive oil and gas producers. The company remains committed to further reducing its carbon intensity by 25% by 2030. This strategic plan is supported by a $23 billion (AED 84.4 billion) investment in decarbonization efforts and the development of future energies like hydrogen, geothermal, renewables, and carbon capture technologies.

Net Zero and Methane Emissions Goals

ADNOC has set ambitious targets for achieving net zero emissions by 2045 and eliminating methane emissions entirely by 2030. The company is actively involved in the Oil and Gas Decarbonisation Charter (OGDC), a group of international and national oil companies collaborating towards net zero emissions by 2050 and eliminating methane emissions by 2030.

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