Emirates Development Bank, the state-owned lender which provides financing for the UAE's priority sectors, has joined the International Renewable Energy Agency's programme aimed at accelerating the achievement of net-zero goals.
The Abu Dhabi-based lender is now part of the Alliance for Industry Decarbonisation, signifying its commitment to contribute to national and global efforts to cut emissions from industries, EDB said on the sidelines of the UAE Climate Tech conference on Thursday.
EDB has a mandate to provide Dh30 billion ($8.2 billion) in financing support to 13,500 companies in the renewables, manufacturing, technology, health care and food security sectors by 2026.
"We recognise the importance of investment in renewable and clean energy technologies to achieve net zero emissions by 2050," said Ahmed Al Naqbi, chief executive of EDB.
"We are fully dedicated to scaling up our finance solutions, deploying significant resources and stimulating innovation to support the transition to cleaner sources of energy and deeply cut industrial emissions."
The world's push towards a more sustainable future highlights the need for climate financing, which is considered critical in helping governments and organisations achieve climate-change goals.
Global investments in energy transition technologies must quadruple to $35 trillion by 2030 to stay in line with commitments made under the Paris climate agreement, Abu Dhabi-based Irena said in a March report.
We recognise the importance of investment in renewable and clean energy technologies to achieve net zero emissions by 2050
Ahmed Al Naqbi,
chief executive of Emirates Development Bank
Investments in renewable energy technologies reached a record $1.3 trillion last year, but that figure must rise to about $5 trillion a year to meet key Paris accord targets, it said.
In the same month, Irena reported that a record 295 gigawatts of renewable energy capacity was added around the world in 2022, up nearly 10 per cent from the year before.
The UAE, in particular, is investing heavily in clean energy projects and has announced several initiatives as it seeks to reach net-zero emissions by 2050.
In April, the UAE Ministry of Climate Change and Environment hosted a special event to accelerate the country’s journey to that goal.
The session, held as part of the country's National Dialogue for Climate Ambition, highlighted the gaps in climate finance for decarbonisation of the economy and urged everyone — particularly in private-sector financial entities — to increase green finance to support the UAE’s vision to build a sustainable economy.
Mobile and digital technology can also help to cut about 40 per cent of the required carbon dioxide emissions in the industrial world's top emitters in the next 10 years, London-based industry body GSMA said recently.
"We believe EDB will play a critical role in accelerating the UAE's green efforts by providing financing for the much-needed renewables and energy efficiency projects," said Gauri Singh, deputy director general of Irena.
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Day 1, Abu Dhabi Test: At a glance
Moment of the day Dimuth Karunaratne had batted with plenty of pluck, and no little skill, in getting to within seven runs of a first-day century. Then, while he ran what he thought was a comfortable single to mid-on, his batting partner Dinesh Chandimal opted to stay at home. The opener was run out by the length of the pitch.
Stat of the day - 1 One six was hit on Day 1. The boundary was only breached 18 times in total over the course of the 90 overs. When it did arrive, the lone six was a thing of beauty, as Niroshan Dickwella effortlessly clipped Mohammed Amir over the square-leg boundary.
The verdict Three wickets down at lunch, on a featherbed wicket having won the toss, and Sri Lanka’s fragile confidence must have been waning. Then Karunaratne and Chandimal's alliance of precisely 100 gave them a foothold in the match. Dickwella’s free-spirited strokeplay meant the Sri Lankans were handily placed at 227 for four at the close.
Charlotte Gainsbourg
Rest
(Because Music)
The Baghdad Clock
Shahad Al Rawi, Oneworld
Killing of Qassem Suleimani
F1 The Movie
Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem
Director: Joseph Kosinski
Rating: 4/5
Ronaldo's record at Man Utd
Seasons 2003/04 - 2008/09
Appearances 230
Goals 115
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Key features of new policy
Pupils to learn coding and other vocational skills from Grade 6
Exams to test critical thinking and application of knowledge
A new National Assessment Centre, PARAKH (Performance, Assessment, Review and Analysis for Holistic Development) will form the standard for schools
Schools to implement online system to encouraging transparency and accountability
Mohammed bin Zayed Majlis
Global state-owned investor ranking by size
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Canada
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Australia
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MATCH INFO
Uefa Champions League, last-16. first leg
Atletico Madrid v Juventus, midnight (Thursday), BeIN Sports
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yallacompare profile
Date of launch: 2014
Founder: Jon Richards, founder and chief executive; Samer Chebab, co-founder and chief operating officer, and Jonathan Rawlings, co-founder and chief financial officer
Based: Media City, Dubai
Sector: Financial services
Size: 120 employees
Investors: 2014: $500,000 in a seed round led by Mulverhill Associates; 2015: $3m in Series A funding led by STC Ventures (managed by Iris Capital), Wamda and Dubai Silicon Oasis Authority; 2019: $8m in Series B funding with the same investors as Series A along with Precinct Partners, Saned and Argo Ventures (the VC arm of multinational insurer Argo Group)
Did you know?
Brunch has been around, is some form or another, for more than a century. The word was first mentioned in print in an 1895 edition of Hunter’s Weekly, after making the rounds among university students in Britain. The article, entitled Brunch: A Plea, argued the case for a later, more sociable weekend meal. “By eliminating the need to get up early on Sunday, brunch would make life brighter for Saturday night carousers. It would promote human happiness in other ways as well,” the piece read. “It is talk-compelling. It puts you in a good temper, it makes you satisfied with yourself and your fellow beings, it sweeps away the worries and cobwebs of the week.” More than 100 years later, author Guy Beringer’s words still ring true, especially in the UAE, where brunches are often used to mark special, sociable occasions.
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What She Ate: Six Remarkable Women & the Food That Tells Their Stories
Laura Shapiro
Fourth Estate
