EDB highlights role of renewable energy financing in UAE’s sustainability goals

EDB highlights role of renewable energy financing in UAE’s sustainability goals

Emirates Development Bank (EDB) has highlighted the significant role of renewable energy financing towards the UAE Net Zero by 2050 strategic initiative for economic diversification at the Sustainability Transformation MENA Summit, which took place recently in Dubai. EDB participated in the summit, which brought together key government stakeholders and industry professionals to address the current issues surrounding the UAE’s bid to achieve net-zero by 2050. The Bank had a booth at the summit, showcasing its flexible and customised financing solutions focusing on financial support to renewable energy projects. EDB is very bullish about renewable and energy efficiency financing. It can offer finance up to 100 percent of the project value with a maximum tenor of 15 years and a two-year grace period. The summit included a fireside chat titled "Driving Economic Diversification and Sustainability in the UAE: Exploring Renewable Energy Financing Strategies," featuring Abdalla Al Aboodi, Senior Vice President Project and Corporate Finance at EDB. Al Aboodi highlighted EDB's precise role in supporting national ambitions for a just and equitable energy transition through financing projects and programmes that drive the shift to renewable energy sources and boost sustainable economic development. A significant point of discussion was how financing renewable energy