Emirates Development Bank highlights role of renewable energy financing in UAE’s sustainability goals

Emirates Development Bank highlights role of renewable energy financing in UAE’s sustainability goals

Abu Dhabi, United Arab Emirates: Emirates Development Bank ("EDB" or "the Bank"), the financial engine for UAE economic development and industrial advancement, highlighted the significant role of renewable energy financing towards the UAE's Net Zero by 2050 Strategic Initiative and vision for economic diversification at the Sustainability Transformation MENA Summit which took place on 20-21 June 2023 in Dubai. EDB participated at 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 customized financing solutions with a focus 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. During the chat, Abdallah discussed the crucial role renewable energy financing plays in achieving the UAE’s vision of economic diversification and