The Abu Dhabi National Oil Company PJSC (ADNOC) has signed a general agreement with the Japan Bank for International Cooperation (JBIC) for a $3 billion (Dh11 billion) green financing facility.
The credit facility is part of JBIC’s Global Action for Reconciling Economic Growth and Environmental Preservation (GREEN) lending programme and is partially supported by Japanese commercial banks.
“We are very pleased to once again partner with JBIC on ADNOC’s first green funding to accelerate our decarbonisation and energy transition initiatives,” said Khaled Al Zaabi, ADNOC Group Chief Financial Officer. “Proceeds of this credit facility will enable ADNOC’s strategy to support a just, orderly and equitable global energy transition.”
The agreement follows a previous Heads of Agreement (HOA) between the two organisations, announced earlier this year.
ADNOC has set itself a goal of reducing its carbon intensity by 25% by 2030. To achieve this, the company has invested $23 billion (Dh84.4 billion) to decarbonise its operations and accelerate the growth of the energies of the future, including hydrogen, geothermal, renewables and carbon capture technologies.
