RIYADH: First Abu Dhabi Bank has reiterated its commitment to lend, invest, and facilitate business over $75 billion by 2030 to activities focused on sustainable solutions as the world moves towards energy transition using green sources.
While speaking at the MEA Energy Week, Sarah Usmani, managing director, and head of the sustainable asset and project finance at FAB, said that the bank is very keen to support the energy transition which is currently happening in the Middle East.
She said there should be a partnership between the public and private sectors to make this energy transition happen in the most efficient manner.
“Energy projects are driven by governments. However, the private sector will also play an important role in the future,” Usmani added.
She noted that the region was dependent on hydrocarbons for 100 years, “so the transition here is not easy.”
“There is a lot to do, and lots of investments to come,” added the FAB executive.
According to Usmani, green hydrogen is going to be a huge area of growth in the region.
She expects the hydrogen market to expand in the next two to three years.
Usmani also insisted that the willingness to support and adopt new technologies is also necessary for a sustainable future.