Emirates Development Bank joins IRENA’s Alliance for Industry Decarbonization

Emirates Development Bank joins IRENA’s Alliance for Industry Decarbonization

- For the UAE’s Renewables sector, EDB offers up to 100 percent financing of the project value with a maximum tenor of 15 years and a two-year grace period.

Abu Dhabi, United Arab Emirates: Emirates Development Bank ("EDB" or "the Bank"), the key financial engine of UAE economic development and industrial advancement, has joined the Alliance for Industry Decarbonization (AFID), which aims to decarbonize industrial value chains and accelerate net-zero ambitions in accordance with the tenets of the Paris Agreement on climate change.

The announcement was made today on the sidelines of UAE CLIMATE TECH, the nation’s first-ever decarbonization technology conference, hosted by The UAE Ministry of Industry in partnership with ADNOC and Abu Dhabi Future Energy Company (Masdar).

Joining the global action group underlines the Bank’s commitment to contribute to national and global efforts to decarbonize and cut industry emissions. EDB has recently refreshed this commitment by maximizing support to renewables, as one of its five key focus sectors for finance, which now encompasses renewables, manufacturing, technology, healthcare and food security. The Bank has a mandate to deploy AED30 billion in financing support to 13,500 companies within these sectors by 2026.

As a member of the Alliance, EDB will showcase its flexible financial