Adnoc secures US$3 bn green financing deal with Japanese bank

Adnoc secures US$3 bn green financing deal with Japanese bank

Abu Dhabi National Oil Company (Adnoc) recently signed an agreement with the Japan Bank for International Cooperation (JBIC) for a US$3 billion green financing facility, in line with the company’s aim to achieve net zero by 2045 and zero methane emissions by 2030.

The deal marks the company’s first green funding, which comes after Adnoc and JBIC signed an initial and non-binding document in January.

The oil and gas giant said that the company aims to limit its carbon intensity by 25% by 2030 while investing US$23 billion to decarbonise its operations and accelerate the growth of the energies of the future, including hydrogen, geothermal, renewables, and carbon capture technologies.

The loan aligns with JBIC’s GREEN programme, short for Global action for Reconciling Economic growth and Environmental preservation, promoting economic growth alongside environmental responsibility. The programme is also partially supported by Japanese commercial banks.

Khaled Al Zaabi, Adnoc group chief financial officer, said the agreement marks the next milestone in the long-standing strategic energy relationship between the UAE and Japan. “We look forward to further collaboration with JBIC as Adnoc delivers against its ambitious growth strategy,” he added.