Abu Dhabi, UAE – ADNOC announced on Friday the signing of a green financing agreement worth 7.34 billion dirhams ($2 billion) with the Korea Commercial Insurance Corporation (K-Sure).
This is with the aim of financing low-carbon projects across its various operations.
This step confirms ADNOC’s firm commitment to integrating sustainable financing principles into its growth and expansion plans.
The credit facility, supported by the Korea Commercial Insurance Corporation and structured within ADNOC’s Sustainable Finance Framework, provides financing for eligible projects that comply with approved international sustainable finance standards.
Fitch Sustainable has issued an independent opinion as a “second party” confirming that ADNOC’s Sustainable Finance Framework is compatible with these international standards.
This facility represents ADNOC’s first green credit financing supported by a Korean export credit agency.
This follows a similar deal worth 11 billion dirhams ($3 billion) that the company concluded with the Japan Bank for International Cooperation in 2024.
Thus, the total value of green financing obtained by ADNOC rises to 18.35 billion dirhams ($5 billion) in just 18 months.
Which enhances its distinguished record in the field of green finance.
ADNOC is among the oil and gas producers with the lowest carbon emissions.
It continues to work to reduce the intensity of its operational emissions by 25% by 2030.
The company also invests 84.4 billion dirhams ($23 billion) in projects to reduce emissions from its operations, in addition to accelerating the growth of new energy sources.
Including hydrogen, geothermal energy, and renewable energy.
ADNOC is also a founding member of the Oil and Gas Emissions Reduction Pact.
It is a coalition that includes the most prominent national and international companies operating in the sector.
All have pledged to achieve near-zero net methane emissions by 2030 and zero net emissions by or before 2050.
It is worth noting that First Abu Dhabi Bank played the role of coordinator of the “green finance” loan aspect.
While Santander acted as coordinator for the Export Credit Agency side of the agreement.
