UAE’s Masdar has signed an agreement with the International Finance Corporation (IFC) to explore green hydrogen development, renewable energy in Africa, distributed photovoltaics and creating innovative technologies.
The two entities inked the collaboration framework on side-lines of World Government Summit 2023, taking place in Dubai, to support climate action in emerging markets.
It was signed by Mohamed Jameel Al Ramahi, Chief Executive Officer, Masdar and Mohamed Gouled, Vice President of Industries at IFC. Dr Sultan Al Jaber, UAE Minister of Industry and Advanced Technology, COP28 President-Designate, and Masdar Chairman, witnessed the signing, along with Makhtar Diop, Managing Director of IFC.
Equitable access
Dr Al Jaber said: “As the UAE prepares to host COP28, we have placed a special emphasis on ensuring better, more efficient and more equitable access to climate finance. The UAE is a trusted partner of many nations and actively supports the development of emerging nations. IFC has been a key partner for Masdar in a number of emerging markets, and this agreement carries forward the UAE’s commitment to equitable climate finance and inclusive sustainable development.”
Diop said: “We are excited to advance our partnership with Masdar today and leverage IFC’s climate expertise across emerging markets to support Masdar in achieving breakthroughs in sectors such as renewable energy, green hydrogen, and green finance.”
Al Ramahi 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.”
Creating opportunities
The IFC, which is a member of the World Bank Group, uses its capital, expertise and influence to create markets and opportunities in developing countries.
Masdar is active in a number of emerging markets, developing utility-scale and DPV projects to bring clean energy to communities across Asia and Africa. Masdar has already completed many projects in African countries, including Egypt, Mauritania, Seychelles, and Morocco.
At the recently concluded Abu Dhabi Sustainability Week 2023 Masdar 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. 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.-- TradeArabia News Service
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