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Abu Dhabis renewable energy company Masdar has signed an agreement with the International Finance Corporation (IFC) to support the establishment of a green hydrogen platform for emerging markets, and potential partnering on renewable energy projects in Africa.
The parties signed a collaboration agreement on the sidelines of the World Government Summit in Dubai this week.
Potential areas of collaboration include green hydrogen development, renewable energy in Africa, distributed photovoltaics, and the development of innovative technologies.
According to a recent report from Masdar and McKinsey & Company Africa could capture as much as 10 percent of the global green hydrogen market, helping to create up to 3.7 million jobs and adding as much as $120 billion to the continents gross domestic product.
Under the agreement, Masdar and the IFC will "explore support for the establishment of green hydrogen platform for emerging markets and potential collaboration on bankability and structuring issues for African renewable energy projects."
The framework also covers exploring mechanisms to accelerate the adoption of distributed photovoltaic (DFV) systems, and the development of new technologies and business models in emerging markets in response to the evolving climate crisis.
Energy projects to expand renewables in Africa
Dr Sultan Al Jaber, UAE Minister of Industry and Advanced Technology and COP28 President-Designate, said: "The International Finance Corporation has been a key partner for Masdar in a number of emerging markets, and this agreement carries forward the UAEs commitment to equitable climate finance and inclusive sustainable development."
IFC managing director, Makhtar Diop, said: "We are excited to advance our partnership with Masdar today and leverage IFCs climate expertise across emerging markets to support Masdar in achieving breakthroughs in sectors such as renewable energy, green hydrogen, and green finance."
At the recently concluded Abu Dhabi Sustainability Week 2023, Masdar announced the signing of deals for projects with a combined generation capacity of 5GW 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 Africas renewable energy sector. |
