UAE, France to affix forces to spice up renewable power sector

WAM

The UAE and France have agreed to launch a bilateral programme to develop industrial and investable alternatives to speed up clear power improvement.

Launching in November throughout the COP28 local weather summit, the tasks might be developed collectively, with Abu Dhabi’s clear power firm Masdar main the UAE facet; primarily within the decarbonisation of hard-to-abate (HTA) industries.

It will assist firms which have developed new clear power options in inexperienced hydrogen and sustainable gas, leveraging the origination, industrial experience, and financing capabilities of private and non-private entities from each nations.

Both governments may also discover leveraging public financing instruments to facilitate eligible climate-friendly tasks.

The initiative will look primarily on the two nations, specializing in low-carbon hydrogen and sustainable gas manufacturing and their respective worth chains.

“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 countries and across the globe,” stated Dr. Al Jaber, Minister of Industry and Advanced Technology, President-Designate for COP28, and Chairman of Masdar.

“As the UAE prepares to host COP28, we intend to make 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, France’s Minister of the Economy, Finance, and Industrial and Digital Sovereignty, added that the 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”.

Industrial leaders from each nations have partnered in creating, investing, and working over 6.2 gigawatts (GW) of fresh and renewable power programmes throughout the globe.