Abu Dhabi National Oil Company (ADNOC) has signed a $2 billion (AED 7.34 billion) green financing agreement backed by the Korea Trade Insurance Corporation (K-SURE) to support the development of lower-carbon projects across its operations.

The agreement strengthens ADNOC’s strategy to embed sustainable finance within its long-term growth plans and was announced during the visit of Sultan Al Jaber, UAE Minister of Industry and Advanced Technology and ADNOC Managing Director and Group CEO, to South Korea. During the visit, Al Jaber met with K-SURE President and Chairman Youngjin Jang.

The financing facility is structured under ADNOC’s Sustainable Finance Framework and will be used to fund projects that meet internationally recognized sustainable finance standards.

The agreement represents ADNOC’s first green financing facility supported by a Korean export credit agency, building on a $3 billion (AED 11 billion) green financing transaction signed with the Japan Bank for International Cooperation in 2024. Combined, the two deals have lifted ADNOC’s total green financing to $5 billion (AED 18.35 billion) within 18 months, underscoring the company’s growing momentum in sustainable finance.

ADNOC ranks among the lowest carbon-intensity oil and gas producers globally and is targeting a 25% reduction in operational carbon emissions intensity by 2030. The company is investing $23 billion (AED 84.4 billion) to decarbonize its operations and expand its portfolio of new energy solutions, including hydrogen, geothermal energy and renewables. ADNOC is also a founding member of the Oil and Gas Decarbonization Charter, whose members have pledged to achieve zero methane emissions by 2030 and reach net-zero emissions by or before 2050.