This came on the sidelines of a meeting between Dr. Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology, President-designate of the COP28 Climate Conference, Chairman of the Board of Directors of “Masdar”, with the French Minister of Economy and Finance, Bruno Le Maire, within the framework of the French Minister’s visit to the UAE.
This initiative comes within the framework of the partnership between Emirati and French companies in the clean and renewable energy sector. The leading companies operating in this sector from both countries have contributed to the development, investment and operation of more than 6.2 gigawatts of clean and renewable energy projects around the world, including two projects in the UAE that are considered one of the largest solar energy projects in one location in the world, in addition to investments worth 6 billion dollars, and contribute to avoiding the release of carbon emissions estimated at about 10 million tons annually.
The official launch of the program’s operational operations is scheduled to take place during the twenty-eighth session of the Conference of the Parties to the United Nations Framework Convention on Climate Change “COP28”, which will be held in Dubai Expo City during the month of December, and the program aims to embody the joint commitment of the United Arab Emirates and the French Republic. By accelerating the process of identifying and financing projects and supporting companies contributing to the development of new clean energy solutions, working to reduce the carbon footprint of economic sectors with high-emitting products and operations, and contributing to supporting the achievement of the goals of the Paris Agreement.
On this occasion, Dr. Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology, said: “This important initiative is based on the close and established bilateral relations and long-term partnerships between the UAE and France, to take advantage of practical and commercial opportunities to achieve low-carbon development, and support a realistic, logical, gradual and just transition.” In the energy sector, promoting climate action and sustainable economic development in both countries and around the world.
He added: “By benefiting from the expertise of both parties in the fields of technology and energy, we will intensify our efforts to develop carbon-free renewable energy projects with the aim of decarbonizing economic sectors, especially those in which it is difficult to reduce emissions. And in light of the UAE’s preparations to host the twenty-eighth session of the Conference of the Parties, We intend for it to be a conference of action and achievement, including everyone and contributing to taking practical measures.We extend an open invitation to the global community to join us in raising the ceiling of ambitions and moving from pledges to serious work and achieving the main goal of the Paris Agreement, which seeks to prevent the global warming from exceeding 1.5 degrees. percentage”.
In turn, French Minister Bruno Le Maire expressed his happiness at concluding this strategic partnership, which contributes to supporting the common goals of the two countries and raising the level of ambitions leading to the COP28 Climate Conference, stressing that this program will contribute to strengthening cooperation relations between the public and private sectors in both countries with the aim of accelerating the implementation of Important projects in the field of clean energy in the transport sector.
The program will seek to implement projects focused on decarbonising sectors where it is difficult to reduce emissions, support companies that have developed innovative clean energy solutions in the field of green hydrogen and sustainable fuels, and benefit from the innovation, sector experience and financing capabilities of government and private institutions from both countries.
The UAE and French governments will look to benefit from public sector financing tools to facilitate the implementation of qualified and climate-friendly projects. The initiative will focus its efforts mainly on the two countries, selecting opportunities in the field of clean energies with a focus on low-carbon hydrogen and sustainable fuel production and their respective value chains.
Through this joint program, the two countries will seek to produce tangible and positive impacts to reduce the consequences of climate change, adapt to it, and improve the impact of their projects supporting climate action on biodiversity.
Investment opportunities will be developed jointly, where Masdar will represent the UAE side of the partnership, and these opportunities will be fully compatible with the goals of the Paris Agreement on climate change, with each opportunity evaluated based on its compatibility with global goals and its contribution to sustainable economic growth. .
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