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 projects can propel UAE towards a green future. He highlighted that greater financing is required to support heavy industries and carbon-emitting sectors to decarbonise and emphasised EDB's role in unlocking financing opportunities to drive decarbonisation.

As the key financial engine of the UAE's economic diversification and industrial transformation agenda, EDB launched its five-year strategy in 2021, focusing on five priority sectors aligning 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.