Abu Dhabi National Oil Company has signed a general agreement with the Japan Bank for International Cooperation (JBIC) for a $3 billion (AED11 billion) green financing facility. It follows the signing of a Heads of Agreement (HOA) between ADNOC and JBIC in January this year and builds on their long-standing successful partnership, according to the company's release.
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.
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 $23 billion (AED84.4 billion) to decarbonize 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 company 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.