ADNOC has signed a US$2 billion inexperienced financing settlement to fund lower-carbon initiatives throughout its operations.
Introduced through the go to of Dr Sultan Al Jaber, Minister of Business and Superior Know-how and ADNOC Managing Director and Group CEO to South Korea, the deal is backed by Korea Commerce Insurance coverage Company (Okay-SURE).
This marks ADNOC’s first inexperienced financing facility backed by a Korean export credit score company (ECA), following a US$3 billion (AED11 billion) transaction with the Japan Financial institution for Worldwide Cooperation (JBIC) in 2024. Collectively, these offers deliver ADNOC’s whole inexperienced funding to US$5 billion in simply 18 months, strengthening its observe report in inexperienced finance.
It reinforces ADNOC’s ambition to combine sustainable finance into its development plans.
Structured underneath ADNOC’s Sustainable Finance Framework, it can facilitate the financing of eligible initiatives compliant with worldwide sustainable finance market requirements. Sustainable Fitch offered an impartial Second Social gathering Opinion, confirming alignment of ADNOC’s Sustainable Finance Framework with world sustainable finance rules.
Khaled Al Zaabi, ADNOC Group Chief Monetary Officer, stated: “This facility displays ADNOC’s dedication to financing the transformation of vitality programs whereas sustaining sturdy capital self-discipline. By means of our partnership with Okay-SURE, we’re increasing entry to inexperienced finance, deepening our financial ties with South Korea and strengthening ADNOC’s place as a pacesetter in decrease carbon vitality.”
ADNOC is likely one of the least carbon-intensive oil and gasoline producers and is additional lowering its operational carbon emissions depth by 25 per cent by 2030 whereas investing US$23 billion to decarbonise its operations and speed up the expansion of recent energies, together with hydrogen, geothermal and renewables.
The corporate can be a founding member of the Oil and Fuel Decarbonisation Constitution (OGDC), a coalition of Worldwide and Nationwide Oil Firms which have dedicated to zero methane emissions by 2030 and internet zero by or earlier than 2050.
