The Japan Bank for International Cooperation (JBIC) has signed a significant memorandum of understanding (MOU) with the Abu Dhabi National Oil Company (ADNOC), enhancing the collaboration between the two organizations.
The signing took place during the visit of Japan’s Prime Minister, H.E. KISHIDA Fumio, to the Emirate of Abu Dhabi in the United Arab Emirates (UAE).
ADNOC, a key player in the decarbonization domain, is a government-owned energy company committed to achieving net zero emissions by 2050. Alongside the UAE government, ADNOC is dedicated to promoting renewable energy, carbon capture and storage (CCS), and other green energy initiatives.
Building upon the comprehensive strategic partnership MOU signed on November 17, 2021, this new agreement anticipates the 28th Conference of the Parties to the United Nations Framework Convention on Climate Change (COP28), scheduled for November and December this year in the UAE. The aim is to further fortify the cooperative relationship between JBIC and ADNOC in the realm of decarbonization and energy transition.
For more than four decades, Abu Dhabi has been a reliable and essential supplier of crude oil to Japan under oil concession agreements, making it a strategic partner and a vital ally in Japan’s energy resource strategy. Moreover, Abu Dhabi boasts significant potential in the decarbonization sector, thanks to its abundant renewable energy resources and suitable subterranean structures for CCS implementation.
The MOU’s strengthening of the bond between JBIC and ADNOC is expected to open new opportunities for Japanese companies to collaborate with ADNOC and contribute further to Abu Dhabi’s decarbonization endeavors.
As Japan’s policy-based financial institution, JBIC will continue its commitment to providing financial support to facilitate business opportunities and promote Japanese companies across various sectors. JBIC will also work closely with foreign governments and governmental agencies to address global climate change and tackle social issues. This collaboration with ADNOC represents a significant step forward in achieving sustainability goals and driving the energy transition for a greener future.