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Sustainable Business Financing

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Sustainability Letter - 27 September 2016.

"I once attended a sustainability related event where a speaker of some repute gave an interesting speech that pretty much said that if we wanted to resolve the global issue of trying to get everyone to a decent standard of living - he called it the ‘flat-screen’ lifestyle - we would be most effective if we brought the leading global supply-chain experts together to come up with the solution. This has stuck with me (...)"

Belinda Scott, Head of Citizenship and Corporate Sustainability

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Perspective: Cost-competitive renewables in the spotlight

Abu Dhabi, 19 June 2016
Have you noticed a subtle shift in the media’s coverage of renewables over the past few months? Whilst COP 21 and the international community’s commitments to reduce GHG emissions sets the policy backdrop, and of course the need to decarbonise the global economy remains as pressing as ever, it seems to us that renewables are increasingly being profiled in a new light: one with a much greater emphasis on clean energy’s cost competitiveness where its role in the energy mix of the future is as much based on sound economics as on environmental imperatives - Irena says renewable energy costs set to tumble as UAE plays major role.
This shouldn’t surprise us in the GCC. Dubai’s last two forays into utility scale solar projects have brought world record low tariffs (albeit the sub 3 cents per kWh levellised cost for Dubai’s latest project hasn’t yet been confirmed). Many in the industry expect an even lower tariff for the Abu Dhabi Sweihan solar project which is currently in procurement.

So what is driving this?

In the photovoltaic sector, up-sizing projects allowing economies of scale has accelerated the ever-reducing cost of solar unit costs and cyclically low commodity prices have helped to minimise the costs that make up the balance of plant. But other drivers have been important, such as the availability to GCC states of low cost and long tenor capital and the emergence of a super-competitive market of regional renewable developers.

DEWA - Dubai’s state-owned utility - has announced plans for the procurement of a concentrated solar power project and has already set out its expectation that the project’s tariff will be a new low.
Can Dubai achieve a hat trick of world records for its renewables projects? Given its track record, we certainly wouldn’t bet against this.
To find out more on NBAD’s view, read our Financing the Future of Energy Report.

Nathan Weatherstone, Head of Sustainable Business
Nathan.Weatherstone@nbad.com

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"Renewables are advancing at a much greater pace than we thought in 2015"

Global Financial Markets Forum, Abu Dhabi, 2 March 2016.

Nathan Weatherstone, Head of Sustainable Business at NBAD says that the developing world has attracted more capital inflows in renewable energy than the 30 member states of the OECD. What this means is that the developing world can leapfrog the traditional grid-base systems towards a more energy efficient, perhaps distributed, off-grid energy solution.

"Policy makers, developers and the financial community need to come together to work out ways in which to attract new pools of capital and liquidity into the renewable sector" (...)

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NBAD and Sustainable Business

$10 Billion in 10 Years to finance Sustainable Business

Interview with Nathan Weatherstone, Head of Sustainable Business at NBAD

On the occasion of the World Future Energy Summit (WFES) 2016, NBAD has committed to lend, invest and facilitate a total of US$10 billion of financing within the next 10 years to projects focussed on environmentally sustainable activities. The commitment, which is a first for a GCC bank, supports the research from NBAD’s ‘Financing the Future of Energy Report’, that identified a funding gap of US$48 trillion required in the next 20 years to meet global energy demand, with renewables playing a critical role in the energy mix of the future.

Nathan Weatherstone gives insight on his team’s strategy for the decade ahead.

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