ADNOC and JBIC sign green financing agreement

It follows the signing of a Heads of Agreement (HOA) between ADNOC and JBIC in January 2024 and builds on their long-standing successful partnership.

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.

Khaled Al Zaabi, ADNOC Group Chief Financial Officer, 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 is one of the least carbon-intensive oil and gas producers in the world and is further reducing its carbon intensity by 25% by 2030 while investing US$23 billion (AED 84.4 billion) to decarbonise its operations and accelerate the growth of the energies of the future, including hydrogen, geothermal, renewables and carbon capture technologies. ADNOC has also set out its ambition to achieve net zero by 2045 and zero methane emissions by 2030. The Ccompany is also a founding member of the Oil and Gas Decarbonization Charter (OGDC), a coalition of International and National Oil Companies that have committed to zero methane emissions by 2030 and net zero by or before 2050.

Read the article online at: https://www.hydrocarbonengineering.com/the-environment/08072024/adnoc-and-jbic-sign-green-financing-agreement/