Abu Dhabi National Oil Company (ADNOC) PJSC has finalized a $3 billion (AED11 billion) green financing agreement with the Japan Bank for International Cooperation (JBIC). This agreement builds upon their longstanding partnership and follows the earlier signing of a Heads of Agreement (HOA) this year.
The financing is part of JBIC’s GREEN (Global action for Reconciling Economic growth and ENvironmental preservation) program, supported by Japanese commercial banks. ADNOC’s Group Chief Financial Officer, Khaled Al Zaabi, emphasized its strategic importance in accelerating ADNOC’s decarbonization and energy transition efforts. This funding will play a crucial role in ADNOC’s strategy towards a global energy transition.
Al Zaabi highlighted the broader significance of the collaboration, stating it strengthens ADNOC’s financial position and commitment to sustainable development. This initiative aligns with ADNOC’s efforts to integrate environmental considerations into its business strategy while maintaining strong financial performance.
This agreement marks a milestone in the longstanding energy partnership between the UAE and Japan, promising further collaboration as ADNOC pursues its ambitious growth strategy. It positions ADNOC to lead in sustainable energy practices, contributing to global efforts for cleaner energy solutions and environmental preservation.
