The UAE and France have entered into a memorandum of understanding (MoU) to establish a bilateral climate investment platform. This platform aims to promote and facilitate investment opportunities in the areas of clean and renewable energy, as well as the transition of the energy sector. The MoU seeks to encourage investors from both countries to explore and capitalize on mutual interests in these sectors, fostering cooperation and sustainable development.
According to the Emirates News Agency (WAM), the signing of the MoU took place during the second plenary meeting of the UAE-France High-Level Business Council in Paris. The meeting was chaired Dr. Sultan bin Ahmed Al Jaber, UAE minister of Industry and Advanced Technology and managing director and Group CEO of ADNOC, and Patrick Pouyanné, chairman and CEO of TotalEnergies, co-chaired,
The Platform includes French and Emirati Anchor Partners, ADNOC and Masdar from the Emirati side; TotalEnergies, Bpifrance, and CMA-CGM from the French side. The Platform is aimed to attract additional investment partners over time.
Partnership for renewable energy projects in emerging markets
Furthermore, TotalEnergies Renewables and Masdar have signed an agreement to establish a partnership for the development of renewable energy projects in emerging markets. The primary objective of this MoU is to explore potential collaborations and jointly develop projects in the field of solar and wind energy. The focus will be on emerging markets in Central Asia and Africa, which are of mutual interest to both companies. Moreover, this partnership aligns with the collective efforts of the two countries to undertake collaborative projects and contribute to global emissions reduction goals and the achievement of climate neutrality. It also underscores their commitment to supporting well-organized, responsible, fair, and realistic transitions towards a zero-carbon energy sector.
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