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The UAE and France have agreed to a bilateral partnership focused on the decarbonization of hard-to-abate (HTA) sectors, including hydrogen.
His Excellency Dr. Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology, Chairman-designate of COP28 and Chairman of Masdar, met with His Excellency Bruno Le Maire, Minister of Economy, Finance, Industry and Digital Sovereignty, as part of the French minister’s visit to the United Arab Emirates .
From the perspective 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 areas where abatement is difficult The decarbonisation sector of the (HTA) 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 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 An investment of more than US$6 billion will displace about 10 million tons of carbon dioxide per year.
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 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 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, 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.
Ahmed JaberHE Dr Sultan says:
The initiative builds on a long-standing partnership between the UAE and France to capitalize on real business opportunities for low-carbon growth, which will accelerate the energy transition, promote climate action and sustainable economic development in both countries and globally.
“Using our combined technology and energy expertise, we will intensify our efforts to promote renewable and zero-carbon energy to decarbonise the economy, especially in hard-to-abate sectors. As the UAE prepares to host COP28, we intend to Turn this 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 keeping the Paris Agreement 1.5 alive.”
Mayor Brunothe 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 high-impact clean energy development projects for transportation.
“I am delighted to see this new example of the strategic partnership between France and the UAE and our shared goal of raising our ambitions for 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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UAE and France agree to a bilateral partnership focusing on decarbonisation of hard-to-abate (HTA) sectors, Abu Dhabi, UAE, January 31, 2023
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