Abu Dhabi National Oil Company said on Thursday it signed a $3 billion green financing agreement with the Japan Bank for International Cooperation to help with its decarbonisation efforts.
The state-owned oil giant aims to reach net zero carbon emissions by 2045. It also aims to cut its carbon intensity by 25% and reach zero methane emissions by 2030.
“Proceeds of this credit facility will enable ADNOC’s strategy to support a just, orderly and equitable global energy transition,” Khaled Al Zaabi, ADNOC’s group chief financial officer, said in a statement.
The deal marks Adnocs first green funding, he said.
In January, Adnoc said it would allocate $23 billion for decarbonisation.