Japan Bank for International Cooperation, also known as JBIC has signed a green finance agreement worth $3 billion with United Arab Emirates' Abu Dhabi National Oil Company.
According to a report published in the UAE's state news agency WAM, this deal 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.
Green Financing to Help Energy Transition
ADNOC said that the deal will help its ongoing decarbonisation and energy transition initiatives.
WAM reported that the signing ceremony was attended by Sultan bin Ahmed Al Jaber, UAE's Minister of Industry and Advanced Technology and Managing Director and Group CEO of ADNOC, Thani bin Ahmed Al Zeyoudi, the Emirates' Minister of State for Foreign Trade, and Japan's Minister of Economy, Trade and Industry, Ken Saitō.
The signing happened in Tokyo, and the agreement was inked by Khaled Al Zaabi, ADNOC Group Chief Financial Officer and Kazuhiko Amakawa, Deputy Governor of JBIC.
"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," said Al Zaabi.
He added: "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 Continues its Decarbonization Journey
The report highlighted that ADNOC is one of the least carbon-intensive oil and gas producers in the world and the company is planning to reduce its carbon intensity by 25 percent by 2030 while investing $23 billion to decarbonise its operations.
Moreover, the company has also set out its ambition to achieve net zero by 2045 and zero methane emissions by 2030.
