ADNOC has signed a US$2 billion inexperienced financing settlement to fund lower-carbon initiatives throughout its operations.
Introduced in the course of the go to of Dr Sultan Al Jaber, Minister of Business and Superior Expertise 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 convey ADNOC’s complete inexperienced funding to US$5 billion in simply 18 months, strengthening its monitor report in inexperienced finance.
It reinforces ADNOC’s ambition to combine sustainable finance into its progress plans.
Structured below ADNOC’s Sustainable Finance Framework, it’s going to 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 ideas.
Khaled Al Zaabi, ADNOC Group Chief Monetary Officer, mentioned: “This facility displays ADNOC’s dedication to financing the transformation of power methods whereas sustaining robust capital self-discipline. Via 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 frontrunner in decrease carbon power.”
ADNOC is among the least carbon-intensive oil and fuel producers and is additional decreasing 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 latest energies, together with hydrogen, geothermal and renewables.
The corporate can be a founding member of the Oil and Gasoline Decarbonisation Constitution (OGDC), a coalition of Worldwide and Nationwide Oil Firms which have dedicated to zero methane emissions by 2030 and web zero by or earlier than 2050.
