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The Abu Dhabi National Oil Company (ADNOC) and the Japan Bank for International Cooperation (JBIC) have signed an agreement for a 11 billion UAE dirhams ($3 billion) green financing facility.
The deal follows the signing of a Heads of Agreement (HOA) between ADNOC and JBIC in January, with the state-run oil company saying its first green funding will support its ongoing decarbonisation and energy transition initiatives.
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 proceeds of this credit facility will enable the company’s strategy for an equitable global energy transition.
The UAE oil and gas producer had earlier announced plans to reduce its carbon intensity by 25% by 2030 while investing $23 billion (AED84.4 billion) to decarbonise its operations and accelerate the growth of the energies of the future, including hydrogen, geothermal, renewables and carbon capture technologies.
(Writing by Bindu Rai, editing by Seban Scaria)
