HomeMiddle East Market ›ADNOC Secures USD 3 Billion Green Financing Deal from JBIC

ADNOC Secures USD 3 Billion Green Financing Deal from JBIC

The finalisation of the green financing agreement marks a longstanding strategic energy relationship between Japan and the United Arab Emirates.

July 08, 2024. By News Bureau

Abu Dhabi National Oil Company (ADNOC) has signed a USD 3 billion comprehensive green financing agreement with the Japan Bank for International Cooperation (JBIC). The green financing facility will support the company’s goal to push forward its decarbonisation and energy transition initiatives.

This milestone comes after ADNOC and JBIC signed the Heads of Agreement (HOA) earlier this year, strengthening their longstanding and successful partnership.

ADNOC’s first green funding is part of JBIC’s Global Action for Reconciling Economic Growth and Environmental preservation (GREEN) lending programme, with partial support from Japanese commercial banks.

Emphasising the strategic importance of this collaboration, Khaled Al Zaabi, Chief Financial Officer, ADNOC Group, stated, “We are delighted to once again collaborate with JBIC on ADNOC’s inaugural green funding initiative aimed at accelerating our decarbonisation and energy transition efforts. The proceeds from this credit facility will play a crucial role in advancing ADNOC’s strategy to foster a fair, structured, and equitable global energy transition. This agreement also signifies a significant milestone in the longstanding energy partnership between the UAE and Japan, and we anticipate further collaboration with JBIC as ADNOC continues to execute its ambitious growth strategy.”
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