UAE and France have agreed to launch a bilateral program that combines French and Emirati expertise to develop commercial and investable opportunities to accelerate clean energy development, notably in the decarbonization of hard-to-abate (HTA) industries, including clean hydrogen solutions for mobility.
The initiative builds on the partnership successes between Emirati and French companies in the clean and renewable energy sector. Industrial leaders from both countries have partnered in the development, investment, and operation of over 6.2 gigawatts (GW) of clean and renewable energy programs across the globe, notably two of the most significant single-site solar projects in the world, located in the UAE, and mobilized over US$6 billion in investment, displacing some 10 million tons of carbon dioxide annually.
The program’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.
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 aim to implement projects focusing primarily on the decarbonization 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.
Where appropriate, the governments of both countries will explore leveraging public financing tools to facilitate eligible climate-friendly projects. The initiative will focus mainly on the two nations, focusing on low-carbon hydrogen and sustainable fuel production and their respective value chains.
Through this bilateral program, the UAE and France will endeavor to deliver tangible, positive impacts in the dimensions of climate change mitigation and adaptation and optimize the impact of their climate-oriented projects on biodiversity.
The investable opportunities will be developed jointly, with Masdar leading on the UAE side of the partnership, and aim to fully align with the goals of the Paris Agreement on climate change, with each opportunity being assessed based on the relevant and internationally accepted methodology.
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
Dr. Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology, President-Designate for COP28 said.
