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Adnoc secures $3bn to advance decarbonisation plan

Kazuhiko Amakawa, deputy governor of JBIC and Khaled Al Zaabi, Adnoc group CFO sign the agreement in Tokyo Wam
Kazuhiko Amakawa, deputy governor of JBIC and Khaled Al Zaabi, Adnoc group CFO sign the agreement in Tokyo

State-backed oil company Adnoc will use an AED11 billion ($3 billion) green financing facility from Japan Bank for International Cooperation (JBIC) to accelerate its decarbonisation and energy transition initiatives.

The deal follows a heads of agreement signed between the two entities in January, the UAE state-run Wam news agency reported.

The facility is part of JBIC’s global action for reconciling economic growth and an environmental preservation lending programme, which is partially supported by Japanese commercial banks.

The credit facility will enable Adnoc to support a just, orderly and equitable global energy transition, said group CFO Khaled Al Zaabi.

Adnoc, which claims to be one of the world’s least carbon-intensive oil and gas producers, aims to reduce its carbon output by 25 percent by 2030.

The energy major is investing AED84.4 billion to decarbonise its operations and accelerate the development of hydrogen, geothermal, renewables and carbon capture technologies.

Adnoc intends to achieve net zero by 2045 and zero methane emissions by 2030.  

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