July 05, 2024 [Storage Terminals Magazine]- The Abu Dhabi National Oil Company PJSC has signed a general agreement with the Japan Bank for International Cooperation for a $3 billion (AED11 billion) green financing facility. This agreement follows the signing of a Heads of Agreement between ADNOC and JBIC in January of this year, further strengthening their long-standing successful partnership.
The credit facility is part of JBIC’s Global action for Reconciling Economic growth and environmental preservation lending Programme and is partially supported by Japanese commercial banks.
Khaled Al Zaabi, ADNOC group chief financial officer, stated: “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 aims to further reduce its carbon intensity by 25 percent by 2030. The company is investing $23 billion (AED84.4 billion) to decarbonise its operations and accelerate the growth of future energy sources, including hydrogen, geothermal, renewables, and carbon capture technologies. ADNOC has also set an ambition to achieve net zero by 2045 and zero methane emissions by 2030. Additionally, the company is a founding member of the Oil and Gas Decarbonisation Charter, a coalition of International and National Oil Companies committed to achieving zero methane emissions by 2030 and net zero by or before 2050.
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