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Abu Dhabi Department of Energy (DoE) A preliminary agreement has been signed with the Colombian Ministry of Mines and Energy to promote cooperation in the energy sector.
As part of the five-year agreement, the two entities will explore collaboration opportunities to finance projects related to the production, use and storage of hydrogen, as well as large-scale non-traditional renewable energy projects, the ministry said. Thursday.
“The Abu Dhabi Department of Energy is committed to enhancing cooperation and partnerships with relevant authorities around the world,” said U.S. Deputy Energy Secretary Ahmed Rumati.
“We believe that partnerships are a powerful way to achieve our goals, develop the energy sector, improve energy efficiency, and meet local market needs and demands for reliable and sustainable energy and water supplies now and in the future.”
Hydrogen a priority for UAE as part of UAE energy diversification efforts designed to capture About 25% of the global market.
Energy and Infrastructure Minister Suhail Al Mazrouei said this year that it was in discussions with a number of countries to export it.
Abu Dhabi is also working to develop a new hydrogen policy with regulations and standards, with a view to becoming a “leader in the international hydrogen market”.
Last year, Adnoc, Mubadala and industrial holding company ADQ Sign a preliminary agreement to form a hydrogen alliance Focus on low carbon green and blue hydrogen.
Blue hydrogen is extracted from natural gas through a process called methane reforming, which relies on carbon capture and storage, while green hydrogen is produced entirely from renewable resources.
Hydrogen has an estimated market potential of $11 trillion and is expected to generate $2.5 trillion in direct revenue by 2050 as its production grows sixfold, according to Bank of America Securities.
As part of the agreement, Abu Dhabi and Colombia will also focus on promoting clean energy sustainable transport and technology development related to advanced energy measurement and monitoring systems.
It will also focus on access to energy services, including renewable energy solutions, as well as promoting foreign investment in the sector.
The two entities will explore opportunities for cooperation in capacity development and knowledge and information sharing, and support joint projects and initiatives in the energy sector.
They will also seek to promote the development of bilateral scientific, technological, technical, administrative and commercial cooperation in this field.
Updated: July 7, 2022 10:56 am
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