ADNOC and Japan Bank of International Cooperation sign $3 billion green financing agreement

Abu Dhabi: The Abu Dhabi National Oil Company (ADNOC) PJSC announced Thursday it has signed a general agreement with the Japan Bank for International Cooperation (JBIC) for a Dh11 billion ($3 billion) green financing facility.

The agreement follows the signing of a Heads of Agreement (HOA) between ADNOC and JBIC in January this year.

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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.

Khaled Al Zaabi, ADNOC Group Chief Financial Officer, said, “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.”

ADNOC said it plans to reduce its carbon intensity by 25 per cent by 2030 while investing Dh84.4 billion ($23 billion) to decarbonize its operations and accelerate the growth of future energies, including hydrogen, geothermal, renewables, and carbon capture technologies.