The Abu Dhabi National Oil Company announced on Thursday that it has entered into a $3 billion green financing agreement with the Japan Bank for International Cooperation to bolster its decarbonization initiatives. The state-owned oil behemoth is targeting net zero carbon emissions by 2045, with a concurrent goal to reduce its carbon intensity by 25% and achieve zero methane emissions by 2030.

"The proceeds from this credit facility will empower ADNOC's strategy to facilitate a just, orderly, and equitable global energy transition," stated Khaled Al Zaabi, ADNOC's group chief financial officer, in an official release. This transaction represents ADNOC's inaugural green funding. Earlier this year in January, ADNOC disclosed plans to invest $23 billion in decarbonization efforts.