Emirates NBD has announced a pioneering agreement with Siemens, aimed at significantly accelerating funding for green infrastructure projects across the UAE. This collaboration is a strategic initiative designed to align with the UAE’s ambition of achieving net-zero carbon emissions by 2050, a goal enshrined in the country’s Net Zero by 2050 Strategic Initiative. The new finance framework promises to offer robust support to green projects throughout their lifecycle, enhancing both sustainability and technological implementation.
The innovative agreement was built upon a partnership where Siemens identified the need for comprehensive financial support in the realm of sustainability. Emirates NBD has taken the lead in developing the administrative and technical components of the initiative, which includes a unique credit framework bolstered by a suite of new financing instruments designed specifically for eco-friendly projects. This not only facilitates installation but also ensures long-term support aimed at significant decarbonisation efforts.
Ahmed Al Qassim, the group head of Wholesale Banking at Emirates NBD, stated that “the development of this expansive agreement with Siemens highlights our commitment to helping the UAE reach its sustainability and decarbonisation ambitions.” By forging such partnerships, Emirates NBD reinforces its dedication to key relationships with multinational firms sharing a vision for an ecosystem defined by environmental, social, and governance (ESG) principles.
Helmut von Struve, CEO of Siemens in the UAE, remarked on the urgency of this collaboration: “Decarbonizing infrastructure is a critical part of achieving the energy transition. The technologies required to accelerate energy efficiency progress are available today, but implementation needs to speed up to reach global goals.” His emphasis underscores the importance of not just having the right tools but also mobilising them efficiently to make a tangible impact.
This partnership is not an isolated initiative for Emirates NBD. The bank has previously engaged in significant collaborations that underscore its commitment to sustainability. Recently, it partnered with SirajPower to implement solar technologies capable of generating 1.90 GWh of clean energy annually at its facilities, an initiative that aligns closely with the UAE’s overarching sustainability goals, as highlighted during the COP28 Green Zone. Furthermore, Emirates NBD facilitated a USD 50 million Sustainability-Linked Loan for Sidara, showcasing its dedication to tying financial support to tangible sustainability performance.
Moreover, Siemens is also actively collaborating with the UAE’s Ministry of Energy and Infrastructure. This partnership focuses on addressing grid infrastructure challenges and advancing clean energy technologies, reflecting a broader national strategy aimed at sustainable development. In parallel efforts, the Ministry has initiated a plan to retrofit federal government buildings, targeting a 27% reduction in energy and water consumption, a significant step towards fulfilling the UAE’s climate action objectives.
As more stakeholders engage in such initiatives, the shift towards sustainable infrastructure seems poised for rapid advancement. The combined forces of financial innovation and technological expertise exhibited through these partnerships are essential for the UAE’s journey towards its ambitious environmental targets.
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Source: Noah Wire Services
- https://economymiddleeast.com/news/emirates-nbd-siemens-launch-agreement-to-accelerate-funding-for-green-infrastructure-projects-in-uae/ – Please view link – unable to able to access data
- https://www.emiratesnbd.com/en/media-center/emirates-nbd-forges-a-strategic-partnership-with-sirajpower-at-cop28-advancing-the-development – Emirates NBD has partnered with SirajPower to implement solar technologies with a capacity of 1.2 MWp at two key Emirates NBD locations, generating 1.90 GWh of clean energy annually. This collaboration aligns with the UAE’s sustainability goals and was announced during the COP28 Green Zone, underscoring the bank’s commitment to environmental stewardship.
- https://www.moei.gov.ae/en/media-center/news/17/9/2024/ministry-of-energy-and-infrastructure-and-siemens-energy-agree-to-collaborate-on-driving-the-future – The UAE’s Ministry of Energy and Infrastructure and Siemens Energy signed a memorandum of understanding to collaborate on advancing green and clean energy. The partnership aims to address grid infrastructure challenges, enhance sustainable development, and explore technological opportunities for a robust energy transition and reliable grid operation.
- https://www.protocol.dubai.ae/en/media-listing/news-events/mohammed-bin-rashid-mansour-bin-zayed-attend-agreement-signing-between-ministry-of-energy-and-infrastructure-siemens/ – Sheikh Mohammed bin Rashid Al Maktoum and Sheikh Mansour bin Zayed Al Nahyan attended the signing of an agreement between the Ministry of Energy and Infrastructure and Siemens. The agreement focuses on retrofitting federal government buildings to reduce energy and water consumption by 27%, supporting the UAE’s sustainability and climate action objectives.
- https://www.emiratesnbd.com/en/media-center/emirates-nbd-facilitates-sidaras-first-sustainability – Emirates NBD arranged a USD 50 million Sustainability-Linked Loan for Sidara, marking the company’s first SLL. The loan ties financial incentives to Sidara’s sustainability performance, supporting its transition towards net-zero operations and aligning with the UAE’s Net Zero by 2050 commitment.
- https://www.emiratesnbd.com/en/media-center/honeywell-and-emirates-nbd-to-collaborate-on-advancing-uae-sustainability-goals – Emirates NBD and Honeywell signed a Memorandum of Understanding to drive sustainability through energy-efficient building technologies. The collaboration aims to enhance operational efficiencies and reduce carbon footprints in Emirates NBD’s facilities, supporting the UAE’s Net Zero by 2050 strategic initiative.
- https://www.mubadala.com/en/news/mubadala-and-siemens-energy-sign-mou-to-accelerate-green-hydrogen-capabilities-in-abu-dhabi – Mubadala Investment Company and Siemens Energy signed a Memorandum of Understanding to develop green hydrogen and synthetic fuel production in Abu Dhabi. The partnership focuses on utilizing renewable energy for clean fuel production, aiming to establish Abu Dhabi as a reliable supplier of green hydrogen to global markets.
