July 19, 2024

ADNOC And JBIC Partners For A USD 3Bn Green Financing Facility

Facebook
Twitter
LinkedIn
ADNOC and JBIC sign USD $3bln green financing agreement. Signatories L-R: Kazuhiko Amakawa, Deputy Governor, JBIC and Khaled Al Zaabi, Chief Financial Officer, ADNOC
ADNOC and JBIC sign $3bln green financing agreement. Signatories L-R: Kazuhiko Amakawa, Deputy Governor, JBIC and Khaled Al Zaabi, Chief Financial Officer, ADNOC

Abu Dhabi National Oil Company (ADNOC) PJSC (ADNOC) 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.

ADNOC’s first green funding in partnership with JBIC will support its ongoing decarbonization and energy transition initiatives
ADNOC’s first green funding in partnership with JBIC will support its ongoing decarbonization and energy transition initiatives

Industry sources added that 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. Image Courtesy: – ADNOC Group

Khaled Al Zaabi, ADNOC Group Chief Financial Officer, stated: “We are very pleased to partner again with JBIC on ADNOC’s first green funding to accelerate our decarbonization 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.”

Industry sources further affirmed that 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. 

Industry sources also officially confirmed that 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.

Source

Share.

RELATED POSTS

Saudi Venture Capital announced its investment of $5 million in a fintech fund managed by VentureSouq.
SVC announces investment in VentureSouq fintech fund
Fawry announces partnership with MoneyHash
Fawry announces partnership with MoneyHash
Bank ABC in deal to fund Majid Al Futtaim solar power projects
Bank ABC signs agreement to fund Majid Al Futtaim solar power projects
  • logo banner warba
  • Mutual Trust Bank Plc
  • Ahli United Bank

LATEST POSTS

The business landscape is going through continuous change, which means that there are constantly new challenges arising in HR. This blog entails on few of the major challenges arising in 2024
Representational Image
ACCA announces the addition of new Emirati members to its Members’ Advisory Committee with a government-led goal of achieving a 10% increase in Emiratisation of the skilled workforce by 2026
CyberKnight announces VAD partnership with Forescout for META. CyberKnight to offer complete asset intelligence and control across IT, OT, and IoT to Forescout.