[ad_1]
From the perspective of the COP 28 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 mitigation is difficult. decarbonisation of carbon emissions (HTA) industries, including clean hydrogen solutions for transport.
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 program will be officially launched during COP 28, 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 decarbonisation of the HTA sector and to support companies developing new clean energy solutions in green hydrogen and sustainable fuels, drawing on the origins, industrial expertise of public and private entities from both countries Knowledge and financing capacity of the country. 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.
Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology, Chairman-designate of COP28 and Chairman of Masdar, said: “This initiative builds on the long-standing partnership between the UAE and France to capitalize on real business opportunities for low-carbon growth. Accelerate the energy transition to advance climate action and sustainable economic development in our two countries and globally. Using our combined technology and energy expertise, we will increase our efforts to promote renewable and zero-carbon energy to decarbonize our economies, especially It is an industry that is difficult to reduce emissions.”
He added: “As the UAE prepares to host COP 28, we intend to turn it into a COP of 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 goal of keeping the Paris Agreement alive at 1.5.”
Bruno Le Maire, Minister of Economy, Finance, 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 projects. I am delighted to see this new example of the French-UAE strategic partnership and our shared goal of raising our ambitions for COP28”.-TradeArabia News Service
[ad_2]
Source link