twitter linkedinfacebookacp contact us

ADNOC signs green financing agreement with JBIC

The agreement signing. (Image source: ADNOC)

ADNOC has signed a general agreement with the Japan Bank for International Cooperation (JBIC) for a US$3bn (AED11bn) green financing facility, to support its decarbonisation and energy transition initiatives

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.

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.”

ADNOC is investing US$23bn (AED84.4bn) to decarbonise its operations and drive forward the growth of future energies, including hydrogen, geothermal, renewables and carbon capture technologies. ADNOC aims to achieve net zero by 2045 and zero methane emissions by 2030.