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According to a new report released today (24 October), the UAE and the UK have a leading global opportunity in developing clean hydrogen through extensive collaboration involving policy, innovation, trade and investment.
The report is a joint initiative between the World Green Economy Organization (WGEO) and UAE-based sustainability consultancy Zest Associates, sponsored by HSBC. Drawing on the insights and research of nearly 100 international hydrogen experts, it prioritizes 39 areas including policy, innovation, investment, infrastructure, supply, demand and skills, significantly adding to the world’s body of knowledge on the subject. Preliminary findings were shared at the 2022 World Green Economy Summit.
WGEO is a UAE-based international platform to build alliances for global green economic growth, said Saeed Mohammed Al Tayer, Chairman of WGEO: “We remain committed to the vision and directives of our wise leadership to facilitate the transition to a green economy. transition. We have developed an ambitious strategy to produce and utilize green hydrogen, one of the pillars of a sustainable future that relies on accelerating the transition to carbon neutrality to support a green economy. This research is part of our support for 2050 Part of the efforts of the Dubai Clean Energy Strategy and Dubai Net Zero Emissions Strategy 2050 to provide 100% clean energy production capacity by 2050.”
“This report demonstrates how the UAE and the UK can forge a strong partnership to develop the green hydrogen sector. We see strong public and private sector action and willingness to collaborate in both countries, but to fully realize the economic and environmental potential of green hydrogen , more and faster must be done. This is consistent with WGEO’s commitment to transforming the global economy by sharing global best experiences and practices that are a key pillar of this development. Through this comprehensive study, we intend to prioritize by and look for opportunities to strengthen cooperation to help accelerate the clean hydrogen industry in both countries,” added Al Tayer.
By 2050, hydrogen is expected to generate more than US$8.7 billion (AED32 billion) annually for the UAE economy, US$14.8 billion (£13.7 billion) in gross value added (GVA) for the UK, and more than 100,000 per country. countries in a high adoption scenario for new jobs. Through bilateral agreements such as the strategic partnership between bp, ADNOC and Masdar, these opportunities are driving billions of dollars of investment, individually and together, to build low-carbon hydrogen hubs like H2Teesside in the UK.
Sabrin Rahman, Managing Director and Head of Sustainability, Europe and Middle East, HSBC, said: “By working together, the UAE and the UK can harness the enormous economic potential of hydrogen and lead the global low-carbon transition. IEA It is estimated that $1.2 trillion in hydrogen investment will be required to reach net zero by 2030. At HSBC, we recognize the enormous potential of this industry and we are working with partners and policymakers to develop a clean hydrogen ecosystem, as part of a net-zero future.”
Jeffrey Beyer, Managing Director of Zest Associates and report author, said: “Clean hydrogen is an opportunity for the UAE and the UK to grow and diversify their economies while making progress towards their net zero commitments. The two countries are already the strongest hydrogen partners in the world, This special relationship should be strengthened through a bilateral platform to coordinate hydrogen supply chains, research and demonstration programmes for new hydrogen technologies. The UAE and the UK have agreed on a common approach to measuring hydrogen emissions intensity, which could create strong global standards to ensure Hydrogen is the first step in delivering on its low-carbon promise.”
The report points to existing agreements, such as the £10bn (AED40bn) UAE-UK Sovereign Investment Partnership signed by the UK Investment Office and Abu Dhabi Mubadala Investment Company, or the Memorandum of Understanding on Industry and Advanced Technology, by the UK Signed by the Ministry of Commerce, Energy and Industrial Strategy and the UAE Ministry of Industry and Advanced Technology, it can scale up and focus on hydrogen to match the scale of investment needed to achieve net zero. –arab trade news agency
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