Masdar and IFC join hands to advance hydrogen and renewable energy in Africa
Abu Dhabi’s renewable energy company Masdar has signed an agreement with the International Finance Corporation (IFC), a global development institution focused on the private sector in developing countries, to explore areas of collaboration to support climate action for emerging markets.
The parties signed the collaboration framework on the sidelines of the World Government Summit 2023, taking place in Dubai.
Under the agreement, Masdar and the IFC will explore support for the establishment of a green hydrogen platform for emerging markets, and potential collaboration on bankability and structuring issues for African renewable energy projects.
The framework also covers exploring mechanisms to accelerate the adoption of distributed photovoltaic (DPV) systems, and the development of innovative new technologies and business models in emerging markets in response to the evolving climate crisis.
Mohamed Jameel Al Ramahi, CEO of Masdar, said: “Masdar has a long history with the IFC, where we have worked together to fund clean energy projects from Jordan to Uzbekistan and other countries. We are confident this agreement will serve as the foundation for further impactful collaborations that advance sustainable development in the countries and communities that need it most.”
At the recently concluded Abu Dhabi Sustainability Week 2023, the company also announced the signing of deals for projects with a combined generation capacity of 5 GW across Angola, Uganda, and Zambia as part of Etihad 7, a UAE-led initiative that aims to raise public- and private-sector funds to invest in the development of Africa’s renewable energy sector.
In addition to renewable energy, green hydrogen is an emerging new sector as well. According to a recent report from Masdar and McKinsey & Company, Africa could capture as much as 10% of the global green hydrogen market, helping to create up to 3.7 million jobs and adding as much as $120 billion to the continent’s gross domestic product.
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