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 sustainability. He highlighted EDB's clear role in supporting national ambitions for a just and equitable energy transition through financing projects and programs that drive the shift to renewable sources of energy and boost sustainable economic development.

A significant point of discussion was how financing renewable energy projects can propel UAE towards a green future. Abdallah highlighted that greater financing is required to support heavy industries and carbon-emitting sectors to decarbonize and emphasized EDB's role in unlocking financing opportunities to drive decarbonization.

As the key financial engine of the UAE's economic diversification and industrial transformation agenda, EDB launched its five-year strategy in 2021 with a focus on five priority sectors that align with the country's national development objectives. These include renewables manufacturing, advanced technology, healthcare, and food security. EDB has a mandate to approve AED30 billion in financing support to 13,500 companies operating within these sectors by 2026.

ENDS