- Region: The Middle East
- Energy and Natural Resources
The Japan Bank for International Cooperation (JBIC; Governor: HAYASHI Nobumitsu) signed on July 17 a memorandum of understanding (MOU) with Abu Dhabi National Oil Company (ADNOC) to further strengthen a partnership between the two organizations, taking the opportunity of the visit by the Prime Minister of Japan, H.E. KISHIDA Fumio, to the Emirate of Abu Dhabi (Abu Dhabi) of the United Arab Emirates (UAE).
ADNOC is a leading organization in the field of decarbonization and an energy company wholly owned by the government of Abu Dhabi. ADNOC and the UAE government have set the goal of achieving net zero emissions by 2050 and promoting renewable energy, carbon capture and storage (CCS*1), and other green energy initiatives. Under the framework of the MOU*2 on the comprehensive strategic partnership signed on November 17, 2021, this MOU looks ahead to the 28th Conference of the Parties to the United Nations Framework Convention on Climate Change (COP28) to take place in the UAE in November and December this year, with the aim of further strengthening the cooperative relationship between the two organizations in the field of decarbonization and energy transition.
Allowing foreign oil companies to conduct business in the Emirate based on oil concession agreements and being a stable and important supplier of crude oil to Japan for more than 40 years, Abu Dhabi is a strategic partner and very important ally for Japan's energy resource strategy. In addition, Abu Dhabi has high potential in the decarbonization sector as it has abundant resources for renewable energy and subterranean structures suitable for CCS. By strengthening the relationship between JBIC and ADNOC through this MOU, it is expected to create opportunities for collaborations between Japanese companies and ADNOC and further contribute to the decarbonization efforts of Abu Dhabi.
As Japan's policy-based financial institution, JBIC will continue to provide financial support to create business opportunities and promote business for Japanese companies in a variety of sectors and work closely with foreign governments and governmental agencies to address global climate change and resolve social issues.
Carbon dioxide Capture and Storage (CCS) is a technology that separates and captures carbon dioxide that would become a greenhouse gas and stores it in deep waterbeds or geological formations.