Abu Dhabi National Oil Company (ADNOC) has signed a AED11 billion ($3 billion) green financing agreement with the Japan Bank for International Cooperation (JBIC). This further follows the signing of a Heads of Agreement (HOA) between ADNOC and JBIC in January 2023, building on their long-standing partnership.
Signing ceremony attended by government officials
The signing ceremony was attended by Dr. Sultan bin Ahmed Al Jaber, UAE minister of Industry and Advanced Technology and managing director and group CEO of ADNOC; Dr. Thani bin Ahmed Al Zeyoudi, UAE minister of State for Foreign Trade and Ken Saitō, Japan’s minister of Economy, Trade and Industry.
Khaled Al Zaabi, ADNOC group chief financial officer, and Kazuhiko Amakawa, deputy governor of JBIC, signed the agreement at the ministry’s headquarters in Tokyo.
Furthermore, 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.
This week in Japan, we signed a green financing agreement with JBIC worth $3 billion to accelerate our decarbonization and energy transition initiatives. pic.twitter.com/Aa1wHWjHh2
— ADNOC Group (@ADNOCGroup) July 5, 2024
Enabling ADNOC’s decarbonization and energy transition
Khaled Al Zaabi stated, “We are very pleased to partner with JBIC on ADNOC’s first green funding to accelerate our decarbonization and energy transition initiatives. The proceeds will enable ADNOC’s strategy to support a just, orderly and equitable global energy transition. This agreement marks the next milestone in the 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.”
Read more: ADNOC cuts 6.2 million tons of greenhouse gas emissions in 2023: Report
ADNOC’s sustainability commitments
Moreover, ADNOC is one of the least carbon-intensive oil and gas producers globally and is reducing its carbon intensity by 25 percent by 2030, investing AED84.4 billion ($23 billion) to decarbonize its operations and accelerate the growth of future energies, including hydrogen, geothermal, renewables and carbon capture technologies. Additionally, ADNOC has set a goal of achieving net zero by 2045 and zero methane emissions by 2030. The company is also a founding member of the Oil and Gas Decarbonixation Charter, committing to zero methane emissions by 2030 and net zero by or before 2050.
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