ADNOC signs $3bn green finance deal with Japan

Abu Dhabi National Oil Company (ADNOC) has signed a $3bn (AED11bn) green financing facility with Japan Bank for International Cooperation (JBIC).

It follows the signing of a Heads of Agreement (HOA) between ADNOC and JBIC in January this year and strengthens existing commercial ties between the UAE and Japan.

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

Khaled Al Zaabi, ADNOC Group Chief Financial Officer, said its first green funding deal will accelerate decarbonisation and energy transition initiatives.

ADNOC aims to reduce its carbon intensity by 25% by 2030 while investing $23bn (AED84.4bn) to decarbonise its operations by investing in hydrogen, geothermal, renewables and carbon capture technologies, and is striving for zero methane emissions by 2030 and Net Zero by 2045.

ADNOC recently delivered the world’s first certified bulk commercial shipment of low-carbon ammonia enabled by carbon capture and storage (CCS) to Mitsui & Co. for use in clean-power generation in Japan.

A 1 Mtpa low-carbon ammonia plant is being built in Al Ruwais Industrial City.

The facility is set to capitalise on growing demand for low-carbon ammonia as a carrier fuel for clean hydrogen. Construction is set to begin in Q3 with operations scheduled to start in 2027.

About the author
Related Posts
No comments yet
Get involved
You are posting as , please view our terms and conditions before submitting your comment.
Loading feed...
Please wait...