Adnoc secures USD 3 bn green finance facility from JBIC

Adnoc receives USD 3 bn green finance facility from JBIC: The Abu Dhabi National Oil Company (Adnoc) secured a USD 3 bn green finance loan from the Japan Bank for International Cooperation (JBIC), according to a press release. The oil giant had signed a heads of agreement with the bank in January for the facility.

Where will the money go? The proceeds will support Adnoc’s decarbonization efforts and green initiatives, according to the statement. It will also help boost collaboration between Adnoc and Japanese companies, the bank said.

Adnoc has big decarbonization ambitions: The company is angling to achieve net-zero emissions by 2045, and is investing some AED 84.4 bn to decarbonize operations. Some USD 15 bn is allocated to advance green projects by 2030.