UAE and France to decarbonise HTA industries
The UAE and France have agreed to launch a bilateral programme to develop commercial and investable opportunities to accelerate clean energy development, notably in the decarbonisation of hard-to-abate (HTA) industries, including clean hydrogen solutions for mobility.
According to Masdar, (Abu Dhabi Future Energy Company), the programme’s operations will be officially launched during COP28, the 28th session of the United Nations Framework Convention for Climate Change (UNFCCC), to be held in Dubai in November this year.
Masdar said the program aims to build on the joint commitment of both countries to accelerate the identification and financing of projects, and support companies contributing to the development of new clean energy solutions with the potential to reduce the carbon footprint of economic sectors.
The program will also aim to implement projects focusing primarily on the decarbonisation of HTA industries and to support companies that have developed new clean energy solutions in green hydrogen and sustainable fuel, leveraging the origination, industrial expertise, and financing capabilities of public and private entities from both countries.
The company added that, where appropriate, the governments of both countries will explore leveraging public financing tools to facilitate eligible climate-friendly projects.
The investable opportunities will be developed jointly, with Masdar leading on the UAE side of the partnership.
Dr. Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology, President-Designate for COP28, and Chairman of Masdar, said: “This initiative builds on the long-standing partnership between the UAE and France to take advantage of practical, commercial opportunities for low carbon growth that will accelerate the energy transition and promote climate action and sustainable economic development in both our countries and across the globe.”
“Leveraging our combined technological and energy expertise, we will intensify our efforts to promote renewable and zero carbon energies to decarbonise economies and in particular HTA sectors. As the UAE prepares to host COP28, we are intent on making it a COP of Action and a COP for all. We are extending an open invitation to the world to join us in constructive efforts to raise ambition, move from deliberation to delivery and achieve the central goal of the Paris Agreement to keep 1.5 alive.”
Bruno Le Maire, French Minister of Economy, Finance, and Industrial and Digital Sovereignty, said: “This targeted programme will leverage synergies between public and private sectors from both countries to accelerate the implementation of impactful projects of clean energy development for transportation. I am very happy with this new illustration of the France-UAE strategic partnership and our common objective to raise ambitions towards COP28.”
In recent months, UAE has forged various energy alliances, including partnerships with the UK and the Netherlands.
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