Abu Dhabi National Oil Company (ADNOC) signed a general agreement on Thursday with the Japan Bank for International Cooperation (JBIC) for a $3 billion green financing facility, in line with the company's aim to achieve net zero by 2045 and zero methane emissions by 2030.
The deal marks the company's first green funding, which comes after ADNOC and JBIC signed an initial and non-binding document in January.
The oil and gas giant said that the company aims to limit its carbon intensity by 25% by 2030 while investing $23 billion to decarbonize its operations and accelerate the growth of the energies of the future, including hydrogen, geothermal, renewables, and carbon capture technologies.
The loan aligns with JBIC's GREEN program, short for Global action for Reconciling Economic growth and ENvironmental preservation, promoting economic growth alongside environmental responsibility. The program is also partially supported by Japanese commercial banks.
Khaled Al Zaabi, ADNOC group chief financial officer, praised the company's 'first green funding,' highlighting its role in accelerating decarbonization and energy transition efforts.
'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,' Al Zaabi added.
By Handan Kazanci
Anadolu Agency
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