Emirates Development Bank reveals commitment to financing UAE renewables sector

Emirates Development Bank reveals commitment to financing UAE renewables sector

New priority focus sector revealed on sidelines of Climate Tech conference in Abu Dhabi

EDB is now two years into an ambitious five-year strategy aimed at empowering SMEs and large corporates in five priority sectors. — supplied photo

Published: Wed 10 May 2023, 2:29 PM Last updated: Wed 10 May 2023, 2:31 PM

Emirates Development Bank (EDB) underlined its commitment to the UAE’s sustainable development agenda and to support the UAE’s Strategic Net Zero by 2050 Initiative after adding ‘Renewables’ to its priority sectors for financing.

The new strategic area of focus was announced on the sidelines of UAE Climate Tech, the nation’s first-ever decarbonisation technology conference, hosted by The UAE Ministry of Industry and Advanced Technology and UAE energy and technology powerhouses, Adnoc and Masdar, which runs on Wednesday and Thursday at Abu Dhabi Energy Center.

EDB is now two years into an ambitious five-year strategy aimed at empowering SMEs and large corporates in five priority sectors: Renewables, manufacturing, technology, healthcare and food security. The bank has a mandate to deploy Dh30 billion in financing support to 13,500 companies within these sectors by 2026.

The addition of ‘renewables’ to its list of key sectors to support is a strong reflection of the government-owned, not-for-profit banks’