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Digital Subscriptions > > Abu Dhabi bank to provide US$10 billion of finance for renewables

Abu Dhabi bank to provide US$10 billion of finance for renewables

UNITED ARAB EMIRATES

The National Bank of Abu Dhabi has made a US$10 billion, 10-year pledge to finance renewable energy and other sustainable business activities. The bank will lend, invest and facilitate US$10 billion of financing in environmentally sustainable projects in the West-East corridor, which stretches from Africa, through the Middle East to Asia. Last year the bank published a report with Cambridge University and consultancy PwC, Financing the Future of Energy, which identified a US$48 trillion funding gap over the next 20 years to meet global energy demand. “We believe that even in the current climate of low oil prices, the transition towards more renewable sources in the energy mix will continue because the underlying drivers are longterm and strong,” said Alex Thursby, CEO of the National Bank of Abu Dhabi.

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