The UAE and France agreed to launch a bilateral program that combines French and Emirati expertise to develop commercial and investable opportunities that accelerate clean energy development, notably in the decarbonization of hard-to-abate (HTA) industries, including clean hydrogen solutions for mobility.
The program's operations will be officially launched during COP28, the 28th session of the United Nations Framework Convention for Climate Change (UNFCCC), in Dubai between November and December this year.
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 developing, investing, and operating over 6.2 gigawatts of clean and renewable energy programs across the globe. In addition, two of the world's most significant single-site solar projects in the UAE, which displaced some 10 million tons of carbon dioxide annually, mobilized over $6 billion in investment.
The initiative was launched during a meeting between the Minister of Industry and Advanced Technology, Sultan al-Jaber, and French Minister of the Economy, Finance, and Industrial and Digital Sovereignty Bruno Le Maire as part of his visit to the UAE.
Jaber, who is also President-Designate for COP28, said the initiative builds on the long-standing partnership between the UAE and France to take advantage of practical, commercial opportunities for low-carbon growth that would accelerate the energy transition and promote climate action and sustainable economic development in both 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 decarbonize economies and particularly hard-to-abate sectors."
He indicated that as the UAE prepares to host COP28, it intends to make it a COP of Action and a COP for all.
Jaber noted: "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."
Le Maire said that the targeted program would leverage synergies between public and private sectors from both countries to accelerate the implementation of impactful projects of clean energy development for transportation.
The program aims to implement projects focusing primarily on the decarbonization of HTA industries.
It would 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.
