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ABU DHABI, 31st January, 2023 (WAM) — Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology, Chairman-designate of COP28 and Chairman of Masdar, yesterday held talks with Bruno Le Maire, French Minister of Economy, Finance, Industry and digital sovereignty, as part of a French minister’s visit to the UAE.
In light of the COP28 climate change conference, the UAE and France have agreed to launch a bilateral program combining French and UAE expertise to develop commercial and investable opportunities to accelerate the development of clean energy, especially in hard-to-abate (HTA) detachment carbon) industry, including clean hydrogen solutions for mobility.
The initiative builds on a successful partnership between Emirati and French companies in the clean and renewable energy sector. Industry leaders from both countries have collaborated to develop, invest in and operate more than 6.2 gigawatts (GW) of clean and renewable energy projects around the world. In addition, two of the world’s largest single-site solar projects in the UAE emit around 10 million tons of CO2 per year and mobilize over $6 billion in investment.
Operations of the scheme will be officially launched during COP28, the 28th session of the United Nations Framework Convention on Climate Change (UNFCCC), which will be held in Dubai this November. The program aims to build on the mutual commitment of both countries to expedite the identification and financing of projects and support companies that contribute to the development of new clean energy solutions that have the potential to reduce the carbon footprint of economic sectors.
The program aims to implement projects primarily focused on the decarbonization of the HTA sector. It will support companies developing new clean energy solutions in green hydrogen and sustainable fuels, drawing on the origins, industrial expertise and financing capabilities of public and private entities in both countries. Where appropriate, the two governments will explore the use of public financing instruments to facilitate eligible climate-friendly projects. The initiative will primarily focus on both countries, focusing on low-carbon hydrogen and sustainable fuel production and their respective value chains.
Through this bilateral programme, the UAE and France will strive to have a tangible positive impact on climate change mitigation and adaptation and optimize the biodiversity impact of their climate-oriented projects. The investable opportunities will be co-developed by Masdar, which will lead on the UAE side. They aim to be fully compliant with the Paris Agreement’s goals on climate change and assess each opportunity based on relevant and internationally recognized methodologies.
Dr Al Jaber said, “This initiative builds on the longstanding partnership between the UAE and France to leverage practical business opportunities for low-carbon growth that will accelerate the energy transition and foster climate action and sustainable economies in both countries Development on a global scale. Leveraging our combined technology and energy expertise, we will intensify our efforts to promote renewable and zero-carbon energy to decarbonize the economy, especially in hard-to-abate sectors. As the UAE prepares to host COP28 , which we intend to turn into a COP for Action and a COP for All. We extend an open invitation to the world to join us in our constructive efforts to raise ambition, move from deliberation to delivery, and achieve the core objective of the Paris Agreement to keep 1.5 alive .”
Bruno Le Maire said: “This targeted program will leverage synergies between the public and private sectors in both countries to accelerate the implementation of high-impact clean energy development projects for transport. My thanks to France- We are very pleased with this new example of the UAE’s strategic partnership and our shared ambitions for COP28.”
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