ADNOC and JBIC Enter $3 Billion Green Financing Deal

ADNOC PJSC has concluded a comprehensive agreement with the Japan Bank for International Cooperation (JBIC) for a $3 billion (AED11 billion) green financing facility. This achievement follows the signing of a Heads of Agreement (HOA) between ADNOC and JBIC earlier this year, extending their longstanding and productive partnership.

The credit facility is a component of JBIC’s GREEN (Global action for Reconciling Economic growth and ENvironmental preservation) lending program and has backing from Japanese commercial banks.

Khaled Al Zaabi, ADNOC Group Chief Financial Officer, stated: "We are delighted to collaborate once more with JBIC on ADNOC's inaugural green financing, aimed at accelerating our decarbonization and energy transition efforts. The proceeds from this credit facility will advance ADNOC's strategy to foster a fair, systematic, and inclusive global energy transition. This agreement also signifies the next chapter in the enduring strategic energy partnership between the UAE and Japan, and we anticipate further collaboration with JBIC as ADNOC progresses towards its ambitious growth objectives."

ADNOC, known for its low carbon footprint among global oil and gas producers, aims to further reduce its carbon intensity by 25% by 2030. The company is investing $23 billion (AED84.4 billion) in decarbonization initiatives to drive the growth of future energy sectors such as hydrogen, geothermal energy, renewables, and carbon capture technologies. ADNOC has set ambitious goals, including achieving net zero emissions by 2045 and eliminating methane emissions entirely by 2030. As a founding member of the Oil and Gas Decarbonization Charter (OGDC), ADNOC joins other international and national oil companies committed to achieving zero methane emissions by 2030 and net zero emissions by 2050 or earlier.

Established in 1971, ADNOC is a prominent energy conglomerate owned entirely by the Abu Dhabi Government. It operates an integrated network of businesses spanning the entire energy value chain, ensuring responsible and sustainable energy provision amid evolving market needs. Already recognized among the world's leaders in low carbon intensity oil and gas production, ADNOC is actively enhancing the environmental footprint of current energy operations while making substantial investments in future clean energy technologies. This strategic approach reinforces ADNOC's standing as a dependable and conscientious global energy provider. With an initial investment of $23 billion, ADNOC is advancing and accelerating solutions for lower carbon emissions, focusing on new energy sources and technologies for decarbonization. These efforts align with ADNOC's commitment to achieve net zero emissions by 2045 and to completely eliminate methane emissions by 2030.