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Sunday, March 3, 2024

Emirates Development Bank Commits AED1.3B via IRENA’s ETAF.”

Emirates Development Bank (EDB) commits AED1.3 billion to IRENA’s ETAF platform, facilitating global climate finance for renewable energy projects. The collaborative agreement, signed by EDB and IRENA, aligns with the Paris Agreement and UN SDGs, leveraging EDB’s financial expertise. The initiative supports projects recommended by IRENA, fostering a just, equitable, and responsible energy transition. Dr. Sultan Al Jaber emphasized the UAE’s commitment to climate goals, marking a significant milestone ahead of COP28. The partnership builds on UAE’s investment of AED183.5 billion in global renewable projects and a previous commitment of AED1.46 billion to ETAF. EDB’s CEO, Ahmed Al Naqbi, highlighted the bank’s role in supporting the nation’s energy transition and fostering a pipeline of bankable renewable projects, reinforcing the UAE’s position as a global hub for renewable energy.

(Courtesy WAM)

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