"ADNOC" Sign an agreement "Green financing" With a value of $2 billion supported by "Korean Commercial Insurance Company"
Abu Dhabi, December 19 / WAM / ADNOC announced today the signing of a green financing agreement worth 7.34 billion dirhams ($2 billion) with the Korean Commercial Insurance Company (K-Sure), 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 agreement was announced during the visit of His Excellency Dr. Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology, Managing Director and CEO of ADNOC and its group of companies, to the Republic of Korea, where he met with Yongjin Jang, President and Chairman of the Board of Directors of the Korean Commercial Insurance Company.
The credit facility, supported by the Korea Commercial Insurance Company, is structured within ADNOC’s “Sustainable Finance Framework” to provide financing for eligible projects that comply with approved international sustainable finance standards.
Fitch Sustainables has issued an independent second-party opinion confirming the compliance of ADNOC’s Sustainable Finance Framework with these international standards.
Khaled Al Zaabi, Chief Financial Officer of ADNOC Group, said on this occasion that this credit facility confirms ADNOC’s commitment to financing the paradigm shift in energy systems while maintaining a strong and disciplined approach to capital management.
He added that through the partnership with the Korean Commercial Insurance Company, ADNOC expands access to green financing, strengthens its economic relations with the Republic of Korea, and continues to consolidate ADNOC’s position as one of the most important leading companies in the field of low-carbon energy globally.
This facility represents ADNOC’s first green credit financing backed by a Korean export credit agency, following 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, enhancing its distinguished record in the field of green financing.
ADNOC is among the least carbon-intensive oil and gas producers, as it continues to work to reduce the emissions intensity of its operations by 25% by 2030.
The company is also investing 84.4 billion dirhams ($23 billion) in projects to reduce emissions from its operations, as well as 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, a coalition of the most prominent national and international companies operating in the sector, all of which have pledged to achieve near-zero net methane emissions by 2030 and net-zero emissions by or before 2050.
It is worth noting that “First Abu Dhabi Bank” played the role of coordinator of the “green financing” loan aspect, while “Santander Bank” played the role of coordinator of the “export credit agency” aspect of the agreement.
- For more: Follow Khaleejion 24 Arabic, Khaleejion 24 English, Khaleejion 24 Live, and for social media follow us on Facebook and Twitter
