Emirates NBD and Siemens to finance green infrastructure

• Aligns with UAE’s Net Zero 2050 aims
• Credit to support green projects
• ENBD already provides green debt

Emirates NBD (ENBD), Dubai’s largest bank by assets, and German multinational Siemens have signed an agreement to provide finance for green infrastructure projects in the UAE.

The agreement aligns with the UAE’s Net Zero by 2050 strategic initiative.  

Siemens will develop and design the administrative, technical and structural aspects of the agreement, the UAE state-run Wam news agency reported on Monday. 

This collaboration will result in a credit framework supporting decarbonisation and green infrastructure projects throughout their entire lifecycle.

No financial details of the initiative were disclosed. 

Ahmed Al Qassim, group head of wholesale banking, Emirates NBD, said the agreement reinforces the lender’s goal of finding new opportunities for growth within the fields of energy efficiency and sustainable technologies.

Helmut von Struve, CEO of Siemens UAE, said decarbonising infrastructure is a critical part of the energy transition. 

The technologies required to accelerate energy efficiency progress are available today, but implementation needs to speed up to reach global goals, he said. 

In September 2023 Emirates NBD announced plans to increase its provision of sustainable finance, including the direct issuance of green debt and other instruments to support social and environmental objectives. 

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The lender became the first financial institution in February 2024 to benefit from a fee waiver intended to boost sustainability-related debt security issuances in the UAE.

Siemens has modernised more than 5,200 buildings worldwide through its advanced green building systems. They have resulted in more than €1 billion in savings, reducing CO2 emissions by more than 10 million tonnes.

Green finance could help unlock $2 trillion in economic growth within the six countries of the GCC and more than 1 million jobs by 2030, according to Strategy&Pwc.