Source : WAM
ADNOC has entered into a $2 billion (AED7.34 billion) green financing agreement supported by the Korea Trade Insurance Corporation (K-SURE) to support the development of lower-carbon projects across its operations.
The agreement highlights ADNOC’s strategy to embed sustainable finance into its long-term growth plans.
The announcement was made during a visit to the Republic of Korea by Dr Sultan Al Jaber, Minister of Industry and Advanced Technology and ADNOC Managing Director and Group CEO, where he met with Youngjin Jang, President and Chairman of K-SURE.
Structured under ADNOC’s Sustainable Finance Framework, the K-SURE-backed facility will enable financing for eligible projects that meet international sustainable finance standards. Sustainable Fitch issued an independent Second Party Opinion, confirming the framework’s alignment with globally recognised sustainable finance principles.
Khaled Al Zaabi, ADNOC Group Chief Financial Officer, said, “This facility reflects ADNOC’s commitment to financing the transformation of energy systems while maintaining strong capital discipline. Through our partnership with K-SURE, we are expanding access to green finance, deepening our economic ties with South Korea and strengthening ADNOC’s position as a leader in lower-carbon energy.”
This is ADNOC’s first green financing facility backed by a Korean export credit agency, following a $3 billion (AED11 billion) agreement with the Japan Bank for International Cooperation (JBIC) in 2024. Combined, the two deals have raised ADNOC’s total green financing to $5 billion (AED18.35 billion) within 18 months, further solidifying its credentials in sustainable finance.
ADNOC is among the least carbon-intensive oil and gas producers and aims to cut its operational carbon emissions intensity by 25 percent by 2030. The company is also investing $23 billion (AED84.4 billion) to decarbonise its operations and expand new energy solutions, including hydrogen, geothermal and renewable energy.
In addition, ADNOC is a founding member of the Oil and Gas Decarbonisation Charter, a coalition of international and national oil companies committed to achieving zero methane emissions by 2030 and net-zero emissions by or before 2050.
First Abu Dhabi Bank (FAB) is acting as Green Loan Coordinator, while Santander is serving as the Export Credit Agency coordinator for the agreement.
