ADNOC obtains $2bn K-SURE green financing for projects aimed at reducing carbon emissions

The Abu Dhabi National Oil Company (ADNOC) has secured $2 billion in green financing from the Korea Trade Insurance Corporation (K-SURE) to support projects focused on reducing carbon emissions. The funding will drive ADNOC's sustainable energy initiatives and technological advancements to reduce environmental impact.

The Abu Dhabi National Oil Company (ADNOC) has secured Dhs 7.34 billion ($2 billion) in green financing through the Korea Trade Insurance Corporation (K-SURE), a prominent South Korean export credit agency. This financing is allocated to support ADNOC's initiatives aimed at reducing the environmental impact of its operations by investing in lower-carbon technologies and projects.

This announcement was made during a visit to South Korea by Sultan Al Jaber, the UAE Minister of Industry and Advanced Technology, as well as ADNOCs Managing Director and Group CEO. The formal agreement was disclosed in a meeting with Youngjin Jang, President and Chairman of K-SURE.

The green financing is structured under ADNOCs sustainable finance framework, which will be directed towards projects that comply with internationally recognized sustainability standards. The deal also includes an independent second-party opinion from Sustainable Fitch, an arm of Fitch Ratings focused on environmental, social, and governance (ESG) matters. The agency confirmed that ADNOC's sustainable finance framework is fully aligned with global sustainable finance principles.

This green financing follows ADNOC's previous green loan arrangement with the Japan Bank for International Cooperation (JBIC), which amounted to Dhs 11 billion in 2024. Combined with this latest transaction, ADNOCs total green funding over the past 18 months now reaches Dhs 18.35 billion.

The financial arrangement was coordinated by First Abu Dhabi Bank, which acted as the green loan coordinator for this deal. Santander was responsible for coordinating the export credit agency. Khaled Al Zaabi, ADNOCs Group Chief Financial Officer, remarked that this financing demonstrates ADNOC's continued commitment to advancing the energy transition while maintaining capital discipline. He emphasized that the partnership with K-SURE not only strengthens ADNOC's position within the global green finance sector but also enhances the companys relationship with South Korea.

ADNOC has set ambitious goals to reduce its operational carbon emissions intensity by 25% by 2030. The company is investing Dhs 84.4 billion to decarbonize its operations and expand into emerging energy sectors such as hydrogen, geothermal energy, and renewable energy sources. This green financing initiative is also part of ADNOC's broader efforts to secure structured financing for its projects, including the Hail and Ghasha gas development project. This funding arrangement, valued at up to Dhs 40.4 billion, will aid in the monetization of midstream gas production from the Hail and Ghasha fields, located offshore in Abu Dhabi, UAE.

Sources:

• ADNOC secures $2bn green financing from K-SURE
• ADNOC to invest in lower-carbon technologies with $2bn K-SURE deal
• ADNOC's green finance deal: $2bn K-SURE loan for sustainability projects
• ADNOC secures $2bn K-SURE green financing for lower-carbon projects

Author: Grace Ellison
Grace Ellison is a journalist focusing on environmental issues and sustainability. She has experience publishing international reports and participating in documentary projects.