Connect with us

World

Mohamed bin Zayed launches Abu Dhabi powerhouse to develop world-leading portfolio in clean energy

ABU DHABI, 1st December, 2021 (WAM) — His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, announced on Wednesday a global clean energy powerhouse intended to spearhead the drive to net-zero carbon by 2050.

Consolidating their combined efforts in renewable energy and green hydrogen, Abu Dhabi National Energy Company PJSC (TAQA), Mubadala Investment Company (Mubadala) and Abu Dhabi National Oil Company (ADNOC) will partner under the Abu Dhabi Future Energy Company (Masdar) brand.

H.H. Sheikh Mohamed bin Zayed highlighted how the UAE is embracing the energy transition as it advances pragmatic and innovative solutions to secure a lower carbon future, paving the way for the nation to deliver on its ‘Net-Zero by 2050 Strategic Initiative’.

The agreement signing, in the UAE Pavilion at EXPO 2020 Dubai, was witnessed by H.H. Sheikh Mohamed bin Zayed, along with H.H. Sheikh Hazza bin Zayed Al Nahyan, Deputy Chairman of Abu Dhabi Executive Council; H.H. Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs; H.H. Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, member of the Abu Dhabi Executive Council and Chairman of Abu Dhabi Executive Office; H.H. Sheikh Theyab bin Mohamed bin Zayed Al Nahyan, Chairman of Crown Prince Court.

Signatories were Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology and Managing Director and Group CEO of ADNOC; Khaldoun Khalifa Al Mubarak, Managing Director and Group Chief Executive Officer of Mubadala Investment Company; and Mohamed Hassan Alsuwaidi, CEO of ADQ and Chairman of TAQA.

The partnership between three Abu Dhabi champions will have a combined current, committed, and exclusive capacity of over 23 Gigawatts (GW) of renewable energy, with the expectation of reaching well over 50GW total capacity by 2030. Upon completion of this transaction, the expanded Masdar entity will become one of the largest clean energy companies of its kind and be well positioned to lead the industry on a global scale.

Wednesday’s announcement consolidates the efforts of all three partners, combining their renewable energy and green hydrogen portfolios into Masdar, leveraging the existing clean energy pioneer’s strong international legacy and brand identity. The new Masdar partnership builds on the creation in January 2021 of the Abu Dhabi Hydrogen Alliance, comprised of Mubadala, ADNOC and ADQ (TAQA’s majority shareholder) and the launch on 17th November 2021 of a new global renewable energy venture between ADNOC and TAQA. Collectively, the partners will supercharge Masdar’s growth and expansion, with each shareholder playing a key role.

As the United Arab Emirates prepares to host COP28 in 2023, this strategic partnership positions Abu Dhabi and the UAE at the forefront of the energy transition. The powerful new combination will further drive de-carbonisation of power across local and international markets, while accelerating the UAE’s path towards net-zero carbon by 2050 and cementing its leading global role in green hydrogen.

On this occasion, Dr. Sultan Al Jaber commented, "As the UAE celebrates its Jubilee, today’s historic collaboration between three Abu Dhabi powerhouses firmly places ADNOC at the forefront of the global energy transition and marks our entry into the international clean energy space. Through our direct interest in Masdar, and in close collaboration with our partners, ADNOC will further capitalise on the many exciting local and international renewable energy and hydrogen opportunities.

"Since our nation’s wise leadership founded Masdar 15 years ago, the company has established itself as a global pioneer across the clean energy and sustainability landscape. This bold and forward-looking strategic partnership, will bolster Masdar’s position both locally and globally, and is yet another example of how ADNOC has successfully developed a national and international partnership model, through smart, creative and innovative approaches that are creating additional value and driving sustainable growth for Abu Dhabi and the UAE."

As an early pioneer in the emerging market for hydrogen and its carrier fuels, ADNOC has ambitious plans to grow domestic and international hydrogen value chains, leveraging its trading capabilities, existing infrastructure and logistics.

For his side, Khaldoun Al Mubarak said, "Today marks the start of a new chapter for our clean energy champion, Masdar. Fifteen years ago, Mubadala established Masdar out of our conviction that innovation can drive sustainable economic growth while safeguarding the future of the planet. Masdar is a true ‘Made-in-the-UAE’ success story that reflects our long-term strategy."

"Responding to the mounting challenges of a changing climate requires that we continue to look for innovative ways to create clean energy. With partnerships at the heart of Mubadala’s investment philosophy, this joint venture with Abu Dhabi’s energy leaders supports the UAE’s vision as a global leader in climate action. We look forward to working with ADNOC and TAQA to support Masdar’s continued growth and the company’s journey in finding new solutions to our climate challenges."

Mohamed Alsuwaidi said, "TAQA’s strategy is to be a champion of low carbon power and water. By taking a controlling stake in Masdar’s renewable energy business and working in partnership with ADNOC and Mubadala we have created a path to grow to over 50GW of renewable capacity by 2030, making us the largest player in the MENA region and one of the leading global contributors to renewable power generation. This clean power capability and the opportunity to tap into the expertise in this partnership will also enable us to become a world leader in green hydrogen. We will be a true national champion for the UAE in developing clean energy solutions at home and around the world."

The new partnership envisions a comprehensive focus on two key areas: renewable energy, and green hydrogen. Dr. Sultan Al Jaber will remain Chairman of the expanded Masdar entity that will cover both renewables and green hydrogen business areas.

It is planned that TAQA will take the leading role with a 43 percent shareholding in Masdar’s renewable energy business, with Mubadala retaining 33 percent and ADNOC holding 24 percent. Meanwhile, ADNOC will take the leading role with a 43 percent shareholding in Masdar’s green hydrogen business, with Mubadala holding 33 percent and TAQA 24 percent respectively.

The partnership envisages parties entering into detailed agreements as well as completion of necessary transaction requirements, including obtaining relevant third party and regulatory approvals.

Mubadala established Masdar in 2006 to extend the UAE’s leadership role in the global energy sector, while helping to drive the nation’s economic diversification and climate action agenda. Today, the company is active in more than 35 countries across six continents and has developed and invested in projects worldwide worth nearly $20 billion. Masdar City, Abu Dhabi’s flagship sustainable urban development, will continue to remain under Mubadala’s ownership.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published.

World

US: Bodies of two of three missing kids found in Minnesota lake

The bodies of two young children have been recovered from a Minnesota lake, and searchers are still looking for a third they fear may have been intentionally drowned.

Meanwhile, the father of the children died at a different location hours earlier, and their mother is missing. Names have not been released.

For the latest headlines, follow our Google News channel online or via the app.

The chain of events began Friday morning when the father was found dead at a mobile home park in the town of Maplewood, near Minneapolis. Police determined that the woman had left with the children, and a search began.

Maplewood Police Lt. Joe Steiner said the woman’s car was found near Vadnais Lake around 4 p.m. Friday. The shoes of the children were found on the shore.

A search of the lake found one child’s body Friday evening. A second body was found overnight. Searchers from several organizations were busy Saturday looking for the third, as well as the mother.

Authorities believe all three children were under the age of 5.

“There’s nothing more tragic than the loss of young children,” Ramsey County Sheriff Bob Fletcher said at a news conference on Friday. He called the deaths a “likely triple homicide.”

Read more:

Foreign firefighters arrive in Greece for summer wildfire season

Four tied bodies found in intentionally burned-out helicopter in Mexico

Astronaut study reveals effects of space travel on human bones

Continue Reading

World

Foreign firefighters arrive in Greece for summer wildfire season

Several dozen Romanian and Bulgarian firefighters took up their posts in Greece on Saturday, the first members of a European force being deployed to the country to provide backup in case of major wildfires during the summer.

More than 200 firefighters and equipment from Bulgaria, France, Germany, Romania, Norway and Finland will be on standby during the hottest months of July and August in Greece, where a spate of wildfires caused devastation last summer.

For all the latest headlines follow our Google News channel online or via the app.

A group of 28 Romanian firefighters with eight vehicles, and 16 firefighters from Bulgaria with four vehicles, were the first to arrive for the two-month mission, financed and coordinated under the European Union’s civil protection mechanism.

“We thank you very much for coming to help us during a difficult summer for our country, and for proving that European solidarity is not just theoretical, it’s real,” Greek Civil Protection Minister Christos Stylianides said on Saturday as he welcomed the members of the Romanian mission in Athens.

“When things get tough, you will be side by side with our Greek firefighters so we can save lives and property.”

The Bulgarian firefighters have been stationed in Larissa, in central Greece.

Last summer’s wildfires ravaged about 300,000 acres (121,000 hectares) of forest and bushland in different parts of Greece as the country experienced its worst heatwave in 30 years.

Following sharp criticism of its response to the fires, the Greek government set up a new civil protection ministry and promised to boost firefighting capacities.

In Greece’s worst wildfire disaster, 102 people were killed when a blaze tore through the seaside town of Mati and nearby areas close to Athens during the summer of 2018.

Read more:

Iranian-flagged tanker in Greece tugged to Piraeus port

Erdogan says no meeting until Greek PM ‘pulls himself together’: Report

Greece formalizes request for US-made F-35 fighter jets: PM Mitsotakis

Continue Reading

World

One killed, six injured in shootout between migrant groups in Serbia

One migrant was killed and at least six others, including a teenage girl, were injured Saturday in a shootout between migrant groups in Serbia near the Hungarian border, the state-run RTS television reported.

The 16-year-old girl sustained life threatening injuries in the incident that occurred in a forest in the outskirts of Subotica, some 160 kilometers (100 miles) north of Belgrade, where the injured were hospitalized, RTS reported.

For all the latest headlines follow our Google News channel online or via the app.

Police, who made no immediate comment, blocked access to the forest where the incident took place, only around a kilometer from the Hungarian border.

Interior Minister Aleksandar Vulin rushed to the scene.

The injured, aged between 20 and 30, have no documents, Subotica mayor Stevan Bakic told local media.

It is not known what triggered the incident, he added.

Local media reported that the shootout occurred between Afghan and Pakistani migrants most likely over human trafficking from the area to European Union member Hungary.

Serbia lies on the so-called Balkans route used by migrants heading towards Western Europe as they flee war and poverty in the Middle East, Asia and Africa.

Although the route is nowhere as busy as it was during Europe’s migrant crisis in 2015, tens of thousands of illegal migrants still cross the region annually.

Read more:

Three countries ban Russia’s Lavrov flight to Serbia, visit cancelled: Interfax

Kosovo cafe bans Europeans over visa ‘humiliation’

Continue Reading

Trending