Oil Producer Adnoc Mulls Green Bond as Gulf Firms Seek ESG Funds
- Firm is a crucial part of UAE’s aim to be net zero by 2050
- Persian Gulf petrostates increasingly weighing green bonds
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Abu Dhabi’s state oil producer is considering a sale of green bonds for the first time, according to people with knowledge of the matter, as companies and governments in the Persian Gulf increasingly look to tap investors in sustainable assets.
Abu Dhabi National Oil Co. is speaking to banks about a possible green issuance, the people said. The company, which pumps almost all the crude in the United Arab Emirates, may opt instead for sustainability-linked bonds, which provide more flexibility than green bonds because they’re not tied to specific projects, said the people.