Emirates Development Bank has joined the Alliance for Industry Decarbonization (AFID), which aims to accelerate net-zero objectives in accordance with the principles of the Paris Agreement on climate change and decarbonize industrial value chains.
The statement was made during UAE Climate Tech, the first decarbonization technology conference ever held in the country and put on by the UAE Ministry of Industry in collaboration with ADNOC and Masdar.
Recently, the Emirates Development Bank reaffirmed its commitment to addressing climate change by increasing its support for renewable energy as one of its five primary financial focus areas, which now includes renewable energy, manufacturing, technology, healthcare, and food security.
By 2026, the bank is required to provide funding support of Dhs30bn to 13,500 businesses operating in these areas.
In its capacity as a member of the alliance, Emirates Development Bank will highlight both its development banking expertise and flexible financial solutions to support businesses engaged in the renewable energy sector.
The bank offers up to 100% financing of the project value with a maximum tenor of 15 years and a two-year grace period for enterprises moving to clean and renewable energy sources in the UAE.
The founding members and partners of AFID, which are made up of private and public organisations as well as stakeholders working in energy-intensive industries, have all made a commitment to working together to realise a shared vision of a green future.
The alliance's purpose is to encourage decarbonization of industrial value chains and industry adoption of renewable energy-based solutions in order to help individual nations achieve their net-zero energy targets.