ADNOC has signed a general agreement with the Japan Bank for International Cooperation (JBIC) for a $3 billion (AED11 billion) green financing facility, the first green funding that aims to support the company’s decarbonization and energy transition initiatives.

The agreement 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.

The credit facility is part of JBIC’s Global action for Reconciling Economic growth and Environmental preservation (GREEN) lending program and is partially supported by Japanese commercial banks.

“We are very pleased to once again partner with JBIC on ADNOC’s first green funding to accelerate our decarbonization 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 Khaled Al Zaabi, ADNOC Group Chief Financial Officer.

“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.

Notably, ADNOC has set out its ambition to achieve net zero by 2045. The company is further reducing its carbon intensity by 25% by 2030 while investing $23 billion (AED84.4 billion) to decarbonize its operations and accelerate the growth of the energies of the future, including hydrogen, geothermal, renewables and carbon capture technologies.

The Company is also a founding member of the Oil and Gas Decarbonization Charter (OGDC), a coalition of International and National Oil Companies that have committed to zero methane emissions by 2030 and net zero by or before 2050.