ADNOC Secures USD 2 Billion Green Financing Backed by K-SURE to Advance Lower-Carbon Projects

ADNOC has signed a USD 2 billion (AED 7.34 billion) green financing agreement backed by the Korea Trade Insurance Corporation (K-SURE) to support the development of lower-carbon projects across its operations. The agreement underscores ADNOC’s strategy to integrate sustainable finance into its long-term growth plans.

The deal was announced during a visit to South Korea by His Excellency Dr Sultan Al Jaber, Minister of Industry and Advanced Technology and ADNOC Managing Director and Group CEO, where he met with K-SURE President and Chairman Mr Youngjin Jang. The financing facility is structured under ADNOC’s Sustainable Finance Framework and will fund projects that meet international sustainable finance market standards. Sustainable Fitch provided an independent Second Party Opinion, confirming the framework’s alignment with global sustainable finance principles.

Khaled Al Zaabi, ADNOC Group Chief Financial Officer, said the facility reflects ADNOC’s commitment to financing the energy transition while maintaining capital discipline. He added that the partnership with K-SURE expands access to green finance, strengthens economic ties with South Korea and reinforces ADNOC’s position in lower-carbon energy.

This transaction represents ADNOC’s first green financing facility backed by a Korean export credit agency, following a USD 3 billion (AED 11 billion) green financing deal with the Japan Bank for International Cooperation in 2024. Together, the two agreements have brought ADNOC’s total green funding to USD 5 billion (AED 18.35 billion) within 18 months.

ADNOC continues to position itself among the least carbon-intensive oil and gas producers globally and is targeting a 25% reduction in operational carbon emissions intensity by 2030. The company has committed USD 23 billion (AED 84.4 billion) to decarbonise its operations and accelerate investment in new energy solutions, including hydrogen, geothermal and renewable energy. ADNOC is also a founding member of the Oil and Gas Decarbonization Charter, which commits signatories to zero methane emissions by 2030 and net-zero emissions by or before 2050.

First Abu Dhabi Bank acted as the Green Loan Coordinator for the transaction, while Santander served as the Export Credit Agency coordinator.