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Tuesday, March 21, 2023

Masdar and IFC agree to advance climate action in emerging markets

Masdar and IFC agree to advance climate action in emerging markets

UAE Masdar has signed an agreement with the International Finance Corporation (IFC) to jointly explore green hydrogen energy development, renewable energy in Africa, distributed photovoltaics and innovative technologies.

The two entities signed a framework for cooperation to support climate action in emerging markets on the sidelines of the 2023 World Government Summit in Dubai.

It was signed by Mohamed Jameel Al Ramahi, CEO of Masdar, and Mohamed Gouled, Vice President of IFC Industry. Dr. Sultan Al Jaber, UAE Minister of Industry and Advanced Technology, Chairman-designate of COP28 and Chairman of Masdar, witnessed the signing ceremony together with IFC Managing Director Makhtar Diop.

fair access

Dr. Al Jaber said: “As the UAE prepares to host COP28, we place particular emphasis on ensuring better, more efficient and equitable access to climate finance. The UAE is a trusted partner to many countries and actively supports the development of emerging nations. International Finance Corporation Already a valued partner for Masdar in many emerging markets, this agreement demonstrates the UAE’s commitment to equitable climate finance and inclusive sustainable development.”

“We are delighted to be advancing our partnership with Masdar today and leveraging IFC’s climate expertise in emerging markets to support Masdar’s progress in renewable energy, green hydrogen and green finance,” said Diop. breakthrough.”

Al Ramahi said: “Masdar has a long history with IFC, where we have worked together to finance clean energy projects from Jordan to Uzbekistan and beyond. We are confident that this agreement will be an influential foundation for a collaborative effort to advance sustainable development in countries and communities that need it most.”

Create opportunities

IFC, a member of the World Bank Group, uses its capital, expertise, and reach to create markets and opportunities in developing countries.

Masdar is active in many emerging markets, developing utility-scale and DPV projects that bring clean energy to communities in Asia and Africa. Masdar has completed numerous projects in African countries including Egypt, Mauritania, Seychelles and Morocco.

At the recently concluded Abu Dhabi Sustainability Week 2023, Masdar announced the signing of agreements for projects with a total installed capacity of 5 GW in Angola, Uganda and Zambia as part of Etihad 7, the Etihad 7 is a UAE-led initiative to increase public and private sector funding for the development of Africa’s renewable energy sector.

Besides renewable energy, green hydrogen is a new and emerging field. According to a recent report by Masdar and McKinsey & Company, Africa could capture 10 percent of the global green hydrogen market, helping to create as many as 3.7 million jobs and adding as much as 1,200 million to the continent’s gross domestic product. One hundred million U.S. dollars. – – trade arab news agency

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