UAE and France agree to a bilateral partnership focusing on decarbonisation of hard-to-abate (HTA) sectors

January 31, 2023

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Abu DhabiUnited Arab Emirates, January 31, 2023 /PRNewswire/ — Your Excellency Dr. Sultan Ahmed JaberUAE Minister of Industry and Advanced Technology, President-elect COP28And Masdar Chairman met yesterday with His Excellency Bruno Le Maire, Minister of Economy, Finance, Industry and Digital Sovereignty, as part of the French minister’s visit to Masdar united arab emirates.

His Excellency Dr. Sultan bin Ahmed Al Jaber and His Excellency Bruno Le Maire, Minister of Economy, Finance, Industry and Digital Sovereignty

in point of view COP28 Climate Change Conference, UAE and France Has 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 the decarbonization of hard-to-abate (HTA) sectors, including for mobility clean hydrogen solution.

The initiative builds on a successful partnership between Emirati and French companies in the clean and renewable energy sector.Industry leaders from both countries collaborate to develop, invest in and operate more than 6.2 gigawatts (GW) of clean and renewable energy projects globally, notably two of the world’s largest single-site solar projects in the UAE, mobilizing $6 billion In terms of investment, about 10 million tons of carbon dioxide can be replaced every year.

Operations of the program will be in COP28the 28th session of the United Nations Framework Convention on Climate Change (UNFCCC) will be dubai November this year. 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 with the potential to reduce the carbon footprint of the economic sector.

The program aims to implement projects primarily focused on the decarbonization of the HTA sector and to support companies developing new clean energy solutions in green hydrogen and sustainable fuels, drawing on the origins, industrial State of expertise and financing capacity. Where appropriate, the two governments will explore the use of public financing instruments to facilitate eligible climate-friendly projects. The initiative will mainly focus on the two 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 to optimize the impact of its climate-oriented projects on biodiversity. The investable opportunities will be co-developed by Masdar, which will lead on the UAE side, with the aim of fully aligning with the goals of the Paris Agreement on climate change and assessing each opportunity based on relevant and internationally recognized methodologies.

Dr. He Sultan Ahmed Jaber Said: “This initiative builds on the longstanding partnership between the UAE and the two countries France Harness the real business opportunity of low-carbon growth, accelerate the energy transition, advance climate action and sustainable economic development in our two countries and globally. Using our combined technology and energy expertise, we will intensify our efforts to promote the development of renewable and zero-carbon energy to decarbonize the economy, especially in sectors that are difficult to reduce.As the UAE prepares to host COP28, we intend to make it the COP of the action and the COP of all. We openly invite the world to join us in constructive efforts to raise ambition, move from deliberation to delivery, and achieve the core goal of keeping the Paris Agreement alive at 1.5. “

Bruno Le Maire, French Minister of Economy, Finance and Industry and Digital Sovereignty, said: “This targeted program will leverage synergies between the public and private sectors in both countries to accelerate the implementation of impactful clean energy development in transport. project. I am delighted with this new example of the French-UAE strategic partnership and our shared goal of raising our ambitions COP28“.

For more information, please visit: http://www.masdar.ae And connect: facebook.com/masdar.ae and twitter.com/Masdar

About Masdar

Abu Dhabi Future Energy Company (Masdar), the UAE’s clean energy champion and one of the largest companies of its kind in the world, is committed to advancing the development and deployment of renewable energy and green hydrogen technologies to address global sustainability challenges . Founded in 2006, Masdar is now active in more than 40 countries, helping them achieve their clean energy goals and drive sustainable development. Masdar is jointly owned by Abu Dhabi National Oil Company (ADNOC), Mubadala Investment Company (Mubadala) and Abu Dhabi National Energy Company (TAQA), and under this ownership, the company aims to own at least RM100 watts of renewable energy portfolio capacity (GW), and annual green hydrogen production capacity of 1 million tons by 2030.

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