Developing countries will be the target of National Bank of Abu Dhabi’s 10-year pledge to tackle ‘significant’ energy funding gap
Abu Dhabi skyline (Flickr/ osamayy)
By Alex Pashley
The United Arab Emirates’ largest lender by assets is ramping up finance for clean energy projects.
The “underlying drivers are long-term and strong,” said the National Bank of Abu Dhabi, announcing plans to lend and invest US$10 billion over the next 10 years.
The commitment helps tackle a US$640bn shortfall for energy investments across Africa, the Middle East and Asia.
It marks a gradual embrace of clean energy by petropowers in the Gulf region, as governments look to cut wasteful consumption of fossil fuels. It also charts a rise in Global South countries making available climate finance for other developing nations.
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“As the leading bank in the Middle East, we want to make a real contribution to the region’s ability to rise to the energy challenge,” said group CEO, Alex Thursby.
“We believe that even in the current mix of low oil prices, the transition towards more renewable sources in the energy mix will continue because the underlying drivers are long term and strong.”
The six-country Gulf Cooperation Council, which includes the UAE, could save 2.5 billion barrels of oil and create 200,000 clean energy jobs in 2030 if it makes good on its renewables pledges, according to a recent report.