ADNOC Signs Massive Green Financing Agreement for Decarbonization Projects

Abu Dhabi National Oil Company has signed a USD 3 billion green financing agreement with the Japan Bank for International Cooperation (JBIC). It follows the signing of a Heads of Agreement (HOA) between ADNOC and JBIC in January of this year and builds on their long-standing successful partnership.

ADNOC Signs Green Financing Agreement with JBIC

Japanese commercial banks are helping to partially support the credit facility as part of JBIC's Global Action for Reconciling Economic Growth and Environmental Preservation (GREEN) lending program. Additionally, the credit line is intended to provide the funds necessary for projects related to decarbonization and the energy transitions implemented by ADNOC or its subsidiaries in the United Arab Emirates (UAE) or internationally.

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ADNOC is investing USD 23 billion in decarbonisation projects to reduce carbon emissions by 25% by 2030. ADNOC aims to decarbonize its operations and accelerate the growth of the energies of the future, including hydrogen, geothermal, renewables and carbon capture technologies.

Furthermore, ADNOC plans to achieve net zero emissions 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 committed to zero methane emissions by 2030 and net zero by or before 2050.

What is JBIC’s GREEN Program?

JBIC conducts environmental operations called Global Action for Reconciling Economic Growth and Environmental Preservation ("GREEN"). Under the GREEN operations, JBIC provides enhanced support for environmental projects in developing countries through loans, guarantees, and equity financing while mobilizing private-sector funds. GREEN projects include the development of renewable power projects worldwide. 

Below is a table of major projects where JBIC has made financial commitments under the GREEN operations:

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