The UAE and France have agreed to launch a bilateral programme to jointly develop commercial and investible opportunities to accelerate clean energy development and decarbonise hard-to-abate industries. The programme has a particular focus on developing green hydrogen and sustainable fuel production capacity and value chains in both countries.

The Emirati and French governments will explore how to use public finance tools to facilitate projects as part of the initiative. Government-affiliated developer Masdar will lead on project development from the UAE side, with opportunities assessed against their potential alignment with the goals of the Paris Agreement to keep global warming below 1.5C.

Full details of the initiative will be unveiled at Cop28 in Dubai later this year.

“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,” says Sultan Ahmed al-Jaber, the UAE’s minister of industry and advanced technology and chairman of Masdar. Jaber has also been designated the country’s president for the upcoming Cop28 talks—a controversial pick because of his role as CEO of state oil company Adnoc, although the UAE has been keen to stress that continued oil supply can be consistent with decarbonisation.

Earlier this month, the UAE signed a similar memorandum of understanding with the UK to cooperate bilaterally on low-carbon hydrogen. Adnoc has a 25pc stake in oil major BP’s flagship blue hydrogen project in the country, H2Teesside, which was recently shortlisted for potential government funding as part of one of the UK’s first CCUS clusters.

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Author: Polly Martin