The Abu Dhabi National Oil Company (ADNOC) PJSC announced that it has signed a comprehensive agreement with the Japan Bank for International Cooperation (JBIC) for a Dh11 billion ($3 billion) green financing facility.
Following the signing of a Heads of Agreement (HOA) between ADNOC and JBIC in January this year, the agreement on the Dh11 billion ($3 billion) green financing facility is supported in part by Japanese commercial banks under JBIC’s GREEN (Global Action for Reconciling Economic Growth and Environmental Preservation) lending program.
ADNOC Group Chief Financial Officer, Khaled Al Zaabi, said, “We are very pleased to once again partner with JBIC on ADNOC’s first green funding to accelerate our decarbonisation and energy transition initiatives. 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 announced its intention to decrease its carbon intensity by 25 percent by 2030. To achieve this goal, the company plans to invest Dh84.4 billion ($23 billion) in initiatives aimed at decarbonizing its operations and expanding into future energy sectors such as hydrogen, geothermal, renewables, and carbon capture technologies.
The Abu Dhabi-headquartered oil and gas firm has set targets to reach net zero emissions by 2045 and eliminate methane emissions by 2030. Additionally, as a founding member of the Oil and Gas Decarbonization Charter (OGDC), which includes both international and national oil companies, the company is dedicated to achieving zero methane emissions by 2030 and attaining net zero emissions by 2050 or sooner.