ADNOC has secured a $2 billion green financing agreement backed by Korea Trade Insurance Corporation (K-SURE) to support lower-carbon projects within its operations. This development was announced during a visit by Dr. Sultan Al Jaber, Minister of Industry and Advanced Technology and ADNOC Managing Director and Group CEO, to South Korea, where he met with Youngjin Jang, President and Chairman of K-SURE.
The facility is structured under ADNOC’s Sustainable Finance Framework. According to ADNOC, the funds will be used for projects that comply with international sustainable finance market standards. Sustainable Fitch provided an independent Second Party Opinion confirming the alignment of ADNOC’s framework with global sustainable finance principles.
Khaled Al Zaabi, ADNOC Group Chief Financial Officer, stated: “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 transaction is ADNOC’s first green financing facility backed by a Korean export credit agency. It follows a previous $3 billion agreement completed in 2024 with the Japan Bank for International Cooperation (JBIC). With these two deals combined, ADNOC has raised $5 billion in green funding over the past 18 months.
ADNOC reports that it is among the oil and gas producers with relatively low carbon intensity. The company aims to reduce its operational carbon emissions intensity by 25% by 2030 and plans to invest $23 billion toward decarbonizing operations and developing new energy sources such as hydrogen, geothermal energy, and renewables. In addition, ADNOC is one of the founding members of the Oil and Gas Decarbonization Charter (OGDC), which brings together 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 serves as Green Loan Coordinator for this agreement, while Santander acts as Export Credit Agency coordinator.
