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• Collaboration will advance sustainable production of aluminium, one of UAE’s biggest exports

• Masdar and EGA will explore international opportunities to power new aluminium production facilities with renewable energy

• Aluminium plays a major role in the decarbonisation of many industries

Abu Dhabi Future Energy Company PJSC – Masdar, one of the world’s largest clean energy companies, and Emirates Global Aluminium (EGA), the largest ‘premium aluminium’ producer in the world, agreed an alliance to work together on aluminium decarbonisation and low-carbon aluminium growth opportunities.

The signing was witnessed by His Excellency Dr Sultan Al Jaber, UAE Minister of Industry and Advanced Technology, and Chairman of Masdar. Masdar and EGA will explore the joint development of renewable energy projects, with potential battery storage and green hydrogen production and storage, to support the decarbonisation of EGA’s existing operations in the UAE, and any future operations in the country.

The two companies will also work together internationally to find opportunities through which Masdar will support EGA to power new aluminium production facilities with renewable energy sources.

Masdar is a global leader in renewable energy and the UAE’s flagship clean energy company. It develops and operates utility-scale renewable energy projects around the world.

Aluminium production is energy-intensive, and generating the electricity required using fossil fuels accounts for about 60 per cent of the global aluminium industry’s greenhouse gas emissions.

Mohamed Al Ramahi, Chief Executive Officer of Masdar, said:

Abdulnasser Bin Kalban, Chief Executive Officer of Emirates Global Aluminium, said:

EGA produces one-in-every 25 tonnes of aluminium made worldwide. The company’s metal is the biggest made-in-the-UAE export after oil and gas and is shipped to more than 50 countries.

In 2021, EGA became the first company in the world to make aluminium commercially using solar power, producing almost 39 thousand tonnes that year. In 2023, EGA produced some 66 thousand tonnes of CelestiAL solar aluminium.

Established in 2006, Masdar is the UAE’s clean energy powerhouse. It is active in more than 40 countries and has invested in a portfolio of renewable energy projects with a combined capacity of more than 20 GW. Masdar is committed to achieving at least 100 GW of total renewable energy capacity by 2030 and an annual green hydrogen production capacity of up to 1 million tonnes by the same year.

• · Emerge, a joint venture between Masdar and EDF Group, will provide a full turnkey solution for 25 years

The UAE Ministry of Defence and Abu Dhabi Future Energy Company PJSC – Masdar, have signed a Partnership Agreement to develop multi-solar plants across Abu Dhabi.

Emerge, a joint venture between the UAE’s Masdar and France’s EDF Group, will provide a full turnkey solution for the projects, including finance, design, procurement, construction, operations, and maintenance for 25 years.

The signing ceremony was witnessed by Major General Sheikh Ahmad Bin Tahnoon Bin Mohammad Al Nahyan, Deputy Chief of Staff of the UAE Armed Forces, His Excellency Dr Sultan Al Jaber, UAE Minister of Industry and Advanced Technology, COP28 President and Masdar Chairman, Mohamed Jameel Al Ramahi, Chief Executive Officer of Masdar, Luc Koechlin, CEO Middle East of EDF Group, and Michel Abi Saab, General Manager of Emerge.

The agreement was signed at Masdar City in Abu Dhabi by Brigadier General Saeed Al Ketbi, Commander of the Military Works Command from the UAE Ministry of Defence and Abdulaziz Alobaidli, Chief Operating Officer of Masdar and Chairman of Emerge.

HE Dr Sultan Al Jaber, UAE Minister of Industry and Advanced Technology, Chairman of Masdar, said: “At COP28 UAE, the world came together to agree the historic UAE Consensus and Action Agenda to deliver unprecedented climate action in this critical decade. The UAE will continue leading by example, and we are proud to be supporting the UAE Ministry of Defence in its Climate Change Strategy as the nation advances its Net Zero by 2050 strategic initiative.”

In December 2023, the Ministry of Defence launched the UAE Armed Forces' Climate Change Strategy on the sidelines of the COP28, the first of its kind in the region. It aims to strengthen the UAE Armed Forces' commitment to reduce carbon emissions and encourage active participation at all levels in the transition to sustainability.

Emerge, a joint venture between Masdar and EDF Group, was formed in 2021 to develop distributed solar, energy storage and hybrid solutions for commercial and industrial. As an energy services company, Emerge offers clients full turn-key solutions through solar power agreements and energy performance contracting at no up-front cost to the client.

DP World has signed a partnership agreement with Abu Dhabi Future Energy Company (Masdar), a global leader in clean energy, to explore and implement renewable energy systems across DP World's global port operations in the Middle East and Africa.

The agreement aims to facilitate the widespread adoption of renewable energy and battery energy storage systems (BESS) within DP World’s global supply chain. Over the course of the three-year partnership, DP World and Masdar will work together to identify optimal sites for the potential deployment of solar and energy storage systems, with an initial focus on Saudi Arabia, Senegal, and Egypt.

The partnership seeks to accelerate the deployment of renewable energy systems in DP World’s supply chain by sharing knowledge of the regulatory landscape and other challenges, particularly in emerging economies.

Sultan Ahmed bin Sulayem, DP World Chairman and CEO, said:

Mohamed Jameel Al Ramahi, Masdar Chief Executive Officer, added:

Masdar is the UAE’s clean energy champion and one of the world’s fastest growing renewable energy companies, advancing the development and deployment of renewable energy and green hydrogen technologies to address global sustainability challenges.

As a leading end-to-end supply chain solutions provider, DP World will continue to work alongside the COP28 Presidency to advocate for more urgent climate action. This includes leveraging DP World’s scale and influence across the 75 countries it operates in worldwide to bring together the broader industry to develop impactful long-term solutions that support the global climate agenda.

DP World work with key stakeholders – from logistics companies, NGOs, governments and cargo owners -- to showcase new technologies and solutions, and exchange ideas to mitigate and build resilience against climate change, driving the energy transition and promoting environmental stewardship while ensuring continued trade flow worldwide.

Decarbonisation is a core focus for DP World, and the business has already committed to becoming carbon neutral by 2040 and net zero carbon by 2050, aligned to the UNFCCC’s Race to Zero and UAE’s 2050 net zero initiative.

Find out more about DP World’s decarbonisation strategy here.

PARIS, 19th February 2024 (WAM) -- Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology and Managing Director and Group CEO of ADNOC, and Patrick Pouyanné, Chairman and CEO of TotalEnergies, co-chaired, on Monday in Paris, the second plenary meeting of the UAE-France High-Level Business Council, in the presence of Bruno Le Maire, French Minister of Economy, Finance, and Industrial and Digital Sovereignty.

Dr. Sultan Al Jaber conveyed the greetings of the UAE leadership to the French side and affirmed the leaderships’ keenness to enhance further the longstanding and strategic bilateral relations between the two countries.

said Dr. Al Jaber

Bruno Le Maire stressed the importance of business dialogue between key French and UAE players.

said the Minister.

he added.

stated Patrick Pouyanné, Chairman and CEO of TotalEnergies.

The meeting witnessed the signing of the MoU to establish the "UAE-France Bilateral Climate Investment Platform”, a pragmatic investment framework that will enable French and Emirati investors to accelerate the deployment of joint projects and investments of mutual interest in the clean energies sectors, with a particular focus on advancing the decarbonisation of Hard-to-Abate (HTA) Industries. T

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. The MoU was signed by Dr. Sultan Ahmed Al Jaber and Bruno Le Maire, French Minister of Economy, Finance, and Industrial and Digital Sovereignty.

In addition, TotalEnergies Renewables and Masdar signed an MoU for partnership in the development of Renewable Energy Projects in emerging markets. The MoU aims to explore potential collaborations and development of joint projects in the field of solar and wind energy in emerging markets of common interest in Central Asia and Africa, as part of the two countries’ efforts to develop joint projects and contribute to supporting global goals for reducing emissions and achieving climate neutrality and confirming their commitment to supporting efforts seeking to achieve a well-organised, responsible, fair, and realistic transition to a zero-carbon energy sector. The MoU was signed between Mohammed Jamil Al Ramahi, CEO of Masdar, and Patrick Pouyanné, CEO of TotalEnergies.

The Council reviewed the progress of the working groups during the past year and praised ongoing joint projects between Emirati and French companies in several strategic sectors, including energy and climate, transport and logistics, and financial investments.

The main partnerships highlighted during the meeting were:

1- The cooperation between TotalEnergies and Masdar to produce Sustainable Aviation Fuel (SAF) from methanol and the successful first demonstration flight on the sidelines of COP28 in the UAE.

2- The Airbus-Masdar wide-ranging collaboration to enable the development of the sustainable aviation fuel market.

3- The collaboration between ADNOC and Tabreed (Engie/ Mubadala JV) on delivering the first Geothermal Cooling Plant (G2COOL) project in the Gulf region, introducing geothermal energy into the UAE’s energy mix to decarbonise the cooling of buildings, covering 10 percent of Masdar City’s cooling needs.

4- The partnership between Masdar and CMA CGM on long-term supply of green alternative fuels linked to their shipping routes with a focus on e-Methanol, as well as Ammonia and Hydrogen.

5- Launch of the 'GO to UAE' initiative by Tawazun and Thales, with UAE Ministry of Industry and Advanced Technology support, to boost national Industrial capabilities.

6- The collaboration between Abu Dhabi Sustainable Water Solutions (SWS), SUEZ Group, and Marubeni focused on implementing key infrastructure projects worth $1.5 billion in the water supply and water treatment sector in Uzbekistan.

7- The CMA CGM and Abu Dhabi Ports on sustainable terminal operations focused on the operation of CMA Terminals Khalifa Port from 2025.

8- The partnership of Schneider Electric and e& enterprise to enhance operational efficiencies across Grid Network.

9- The strategic partnership between Masdar and Hy24 (Ardian JV) to co-invest and develop carbon-free hydrogen projects in various regions globally.

On COP28, Dr. Sultan Al Jaber praised France's efforts in advancing climate action and its support for COP28 and its endorsement of the COP28 Action Agenda initiatives. He commended France's pledge of €100 million to the “loss and damage” fund and €10 million to the “adaptation” fund. Dr. Al Jaber also commended France and French companies’ endorsement of the Global Decarbonisation Accelerator (GDA), which is designed to speed up the energy transition and drastically reduce global emissions, and its key pledges including the Global Renewables and Energy Efficiency Pledge to triple worldwide renewable energy capacity and double global energy by 2030, and the Global Cooling Pledge to reduce global cooling emissions by 2050.

Dr. Al Jaber also praised TotalEnergies’ climate action efforts and for being among the first to endorse the Oil and Gas Decarbonisation Charter (OGDC), where Oil and Gas companies worldwide agreed to aim for zero methane emissions, to end routine flaring by 2030, and to ambition net-zero operations by 2050.

In addition, Dr. Sultan praised their pledge to contribute $25 million to the Global Flaring and Methane Reduction (GFMR) trust fund, an initiative of the World Bank with COP28, as well as their partnerships with National Oil and Gas companies to detect and quantify methane emissions by making available their pioneering AUSEA technology.

Dr. Sultan affirmed the aspiration to continue cooperation to implement the “UAE Consensus” and deliver a new era of positive, tangible climate action.

The meeting concluded with the approval of the Council’s roadmap for 2024 and the Chairs’ call to the working groups to continue mobilising and accelerating new projects and initiatives that will support the delivery of the Council’s objectives.

Attending the meeting from the Emirati side were Omar Suwaina Al Suwaidi, Under-Secretary of MoIAT; Hend Al Otaiba, UAE Ambassador to the Republic of France; Majid Al Suwaidi, Director-General of COP28; Hana Al Rostamani, CEO of First Abu Dhabi Bank; Khaled Al Huraimel, Vice Chairman of the Board of Directors of Bee’ah; Mohamed Al Ramahi, CEO of Masdar; Shareef Al Hashmi, CEO of Operations at Tawazun Council; Meera Sultan Al Suwaidi, Head of Sovereign Partnerships of Mubadala; and Mohamed Kaissi, Executive Director of Strategic Projects at ADQ’s CEO and MD office.

The French side was represented by Frédéric SANCHEZ, President MEDEF International and Chairman of Fives Group; Guillaume FAURY, CEO of Airbus; Jean Lemierre, Chairman of BNP Baripas; Jean-Pierre Clamadieu, Chairman of Engie; Marie-Ange Debon, Chairwoman and CEO of Keolis; Slawomir Krupoa, CEO of Societe Generale; Geoffroy Bunetel, Chairman of CCI France-UAE2, and Nicolas Niemtchinow, French Ambassador to the UAE.

It is worth noting that the non-oil trade between the two countries increased by 12.5 percent during the first nine months of 2023 compared to the same period in 2022, reaching approximately AED 25.1 billion (€6.3 billion). In 2022, non-oil bilateral trade exceeded pre-pandemic levels, reaching about AED 30.4 billion, 20.5 percent higher than in 2021 and 53.4 percent over 2020.

Additionally, the UAE hosts the largest number of French companies operating in the Middle East, with about 600 companies employing more than 30,000 employees. Conversely, the UAE is France's second-largest investor in the GCC.

• Masdar and CMA CGM launch long-term partnership for green alternative fuel supply

• By 2028, CMA CGM will have 119 ships in fleet able to run on green alternative fuels

• Deal with the UAE's Masdar strengthens CMA CGM's network to serve customers worldwide

Abu Dhabi Future Energy Company PJSC - Masdar, one of the world’s leading renewable energy companies, and CMA CGM Group, a global player in sea, land, air and logistics solutions, have signed a Strategic Supply Partnership (SSP) which will explore the two companies entering long-term green maritime fuels offtake contracts to supply CMA CGM vessels.

Strengthened partnership to decarbonize shipping through clean energies

The aim of the Partnership is to source, supply and deliver green alternative fuels for CMA CGM’s dual-fuel vessels, starting in 2025 and following the incremental phase-in of the vessels until 2028.

Masdar and CMA CGM will also continue to discuss extending their collaboration opportunities, potentially on green hydrogen and ammonia production.

Mohammad Abdelqader El Ramahi, Masdar Chief Green Hydrogen Officer, said:

says Christine Cabau Woehrel, CMA CGM Group Executive Vice President in charge of Assets and Operations.

Shared ambitions for more sustainable transport and logistics

Committed to reach Net Zero carbon by 2050, the CMA CGM Group has set new ambitions for its shipping activities: aim for the highest levels of the IMO GHG reduction objectives, i.e. 30% total emission reduction by 2030, compared to 2008, and 80% emission reduction by 2040. To reach that ambition, CMA CGM accelerates its energy transition, notably through integrating low carbon fuels in its energy mix.

By capitalizing on Masdar’s expertise and global footprint, the cooperation will facilitate the deployment of CMA CGM's new generation of dual-fuel ships ready to use biofuels and e-fuels based on methane and methanol, of which 35 are currently in fleet and 84 in order. Masdar aims to produce 1 million tons of green hydrogen by 2030, backed with the strong long-term commitment of the company’s shareholders, ADNOC, TAQA and Mubadala.

CMA CGM, a key global player in the Middle East

The CMA CGM Group maintains a strategic presence in the United Arab Emirates. Thanks to its privileged position in the shipping sector, CMA CGM plays an essential role in the region's connectivity and commercial development.

With a regional office in Dubai, covering more than 40 countries and several key ports in the region, CMA CGM’s local presence enables the Group to meet the specific needs of its customers, support international trade and actively contribute to the region's economic growth by offering innovative solutions adapted to today's logistics challenges.

• Daimler Truck and Masdar sign MoU to assess liquid green hydrogen exports from Abu Dhabi (UAE) to Europe.

• Initiative has significant potential to enable the reduction of CO₂-emissions in road freight transport in Europe.

• Agreement supports UAE’s ambition to become a leading producer and supplier in the low-carbon hydrogen market by 2031, and European Green Deal emission reduction targets.

Abu Dhabi Future Energy Company PJSC – Masdar, the UAE’s clean energy powerhouse, and Daimler Truck Holding AG (“Daimler Truck”), one of the world’s leading commercial vehicle manufacturers, have signed a Memorandum of Understanding (MoU) to explore the feasibility of liquid green hydrogen exports from Abu Dhabi (UAE) to Europe by 2030.

The MoU was signed in Abu Dhabi by Fawaz Al Muharrami, Executive Director of Clean Energy and Deputy COO at Masdar and Martin Daum, Chairman of the Board of Management and CEO of Daimler Truck.  The collaboration between the two pioneering companies with complementary roles represents a significant advancement in ongoing efforts to tackle CO₂-emissions in road freight transport.

Mohamed Jameel Al Ramahi, Masdar CEO said:

Martin Daum, Chairman of the Board of Management and CEO of Daimler Truck:

The UAE’s plans to establish itself as a leading and reliable producer and supplier of low carbon hydrogen by 2031.

As the UAE’s clean energy powerhouse and one of the fastest growing renewable companies in the world, Masdar is at the vanguard of advancing the development and deployment of renewable energy and green hydrogen technologies to address global sustainability challenges.

Established in 2006, Masdar has developed projects in more than 40 countries with a total electricity generation capacity of more than 20GW (Gigawatt). It has invested, or committed to invest, in worldwide projects with a combined value of more than US$30 billion with ambitious growth plans to reach 100GW by 2030.

Daimler Truck is clearly committed to the Paris Climate Agreement and to lead sustainable transportation. The company is planning to make its entire range of trucks and buses CO₂-neutral in driving operation across its global core markets (Europe, U.S., Japan) by 2039.

To decarbonize transportation, Daimler Truck is pursuing a dual-track strategy with hydrogen- and battery-powered vehicles. In a demonstration of the feasibility of using liquid hydrogen in road transportation, the company’s prototype Mercedes-Benz GenH2 Truck recently completed a trip of 1,047 kilometers across Germany with one fill of liquid hydrogen under real-life conditions. Daimler Truck is building a customer-trial fleet of Mercedes-Benz GenH2 Trucks which are expected to be deployed in mid-2024.

Abu Dhabi Future Energy Company PJSC – Masdar (Masdar), INPEX CORPORATION (INPEX), Tokyo Gas Co., Ltd. (Tokyo Gas) and Osaka Gas Co., Ltd. (Osaka Gas) announced they have signed a collaboration agreement to conduct a joint feasibility study on e-methane¹ production in Abu Dhabi in the United Arab Emirates (UAE).

Masdar and INPEX have been conducting a joint study to produce e-methane utilizing low-cost renewable energy in Abu Dhabi based on an agreement signed on July 17, 2023.

Tokyo Gas and Osaka Gas have newly joined this initiative, and through it plan to off-take e-methane in volumes equivalent to 1% of each company’s annual city gas demand. Tokyo Gas and Osaka Gas are aiming to introduce e-methane to cover 1% of their respective annual city gas demand by 2030 and further increase the introduction volume from the total of their worldwide projects toward 2050.  

The four partners will evaluate the economics of producing and procuring feedstocks, such as green hydrogen and CO₂, as well as the production and transportation of e-methane. The overall reductions in CO2 emissions will also be evaluated.

“e-methane” is compatible with existing LNG infrastructure such as LNG tankers and terminals as well as city gas infrastructure including pipelines and consumer gas equipment, limiting social costs associated with its introduction. “e-methane” is therefore considered a pragmatic carbon-neutral or lower-carbon solution for thermal sectors where electrification is a challenge. Applications are also expected in the power generation and transportation sectors.

Masdar, INPEX, Tokyo Gas and Osaka Gas aim for the early establishment of an e-methane supply chain from the UAE to Japan to contribute to the UAE and Japanese governments’ shared goal of achieving carbon neutrality by 2050.

About Masdar

Abu Dhabi Future Energy Company (Masdar) is the UAE’s clean energy champion and one of the largest companies of its kind in the world, advancing the development and deployment of renewable energy and green hydrogen technologies to address global sustainability challenges. Established in 2006, Masdar is today active in over 40 countries, helping them to achieve their clean energy objectives and advance sustainable development. Masdar is jointly owned by Abu Dhabi National Oil Company (ADNOC), Mubadala Investment Company (Mubadala), and Abu Dhabi National Energy Company (TAQA), and under this ownership the company is targeting a renewable energy portfolio capacity of at least 100 gigawatts (GW) by 2030 and an annual green hydrogen production capacity of up to 1 million tonnes by the same year. For more information please visit: http://www.masdar.ae and connect: facebook.com/masdar.ae and twitter.com/masdar

About INPEX

INPEX CORPORATION is Japan’s largest exploration and production (E&P) company and is currently involved in projects across multiple continents, including the Ichthys LNG Project in Australia as Operator. By thoroughly making its oil and gas business cleaner while expanding its 5 net zero business areas, INPEX aims to provide a stable supply of diverse and clean energy sources including oil, natural gas, hydrogen, and renewables as a pioneer in energy transformation. For more information, please visit: https://www.inpex.co.jp/english/index.html

About Tokyo Gas

Tokyo Gas Co., Ltd. is the largest city gas supplier in Japan and a Japanese integrated energy company with diverse businesses spanning electricity generation, energy retailing, engineering solutions, upstream LNG, and real estate development. As part of our group’s management vision “Compass 2030,” we have been taking action to realize a decarbonized society by tackling the challenge of achieving “Net-Zero CO2.” As an infrastructure provider for the Tokyo metropolitan area, we support our customers’ decarbonization efforts by promoting the sophisticated use of LNG. At the same time, we focus on renewable energy power plant development, CCUS utilization, hydrogen production technology development, and commercialization of e-methane and other hydrogen carriers. In order to establish supply chains for e-methane, we are currently carrying out feasibility studies in North America, Malaysia, Australia, and other regions with trading companies and global energy companies. Tokyo Gas will lead the transition to a decarbonized society by achieving both stable energy supply and decarbonization.

About Osaka Gas

Osaka Gas aims to achieve carbon neutrality across its corporate group (Daigas Group) by 2050 as a goal set in the Carbon Neutral Vision released in January 2021 and Energy Transition 2030 released in March 2023. To realize this ambition, the company pursues net zero solutions, including e-methane, synthetic methane suitable for seamless and low-cost transition due to its compatibility with the existing gas infrastructure and equipment. While proceeding with R&D on e-methane technologies, Osaka Gas drives several e-methane projects, conducting feasibility studies to produce e-methane in strategic locations, such as North America, South America, Australia, the Middle East, the Southeast Asia, and Japan.

• Strategic Framework Agreement will position Masdar as potential investor and developer for co-investment opportunities alongside Hy24’s Clean Hydrogen Infrastructure Fund to enable large-scale green hydrogen production projects across Europe, the Americas, Asia Pacific and the Middle East and North Africa

• The agreement advances ambitious growth plans of UAE’s clean energy powerhouse, giving Masdar access to a pipeline of up to €2 billion in co-investment and co-development opportunities. Masdar, is targeting 1 million tons of green hydrogen production by 2030

• The agreement will broaden Hy24’s investment base and role as a springboard for hydrogen projects at scale

Abu Dhabi Future Energy Company PJSC - Masdar, one of the world’s leading renewable energy companies, and Hy24, the world’s largest clean hydrogen pure-play investor, signed a strategic joint development and investment framework agreement to foster large-scale green hydrogen projects during the UN’s Climate Change Conference, COP28, in Dubai.

Masdar and Hy24 agreed a framework to explore the development and investment in projects along the Power-to-X value chain, which involves producing renewable power converted via electrolyzers into green hydrogen and, subsequently, its derivatives such as green ammonia, e-methanol, sustainable aviation fuel and liquid hydrogen. The companies will focus on projects located in key regional hubs across Europe, the Americas, Asia Pacific and the Middle East and North Africa (MENA).

The Hy24-managed “Clean Hydrogen Infrastructure Fund” expects that co-investment and co-development opportunities will be made available to Masdar, which could represent up to €2 billion of investments in the next five years. Green hydrogen will play a key role in enabling faster and more widespread global adoption of renewable energy, helping the planet to meet net-zero goals.

The agreement reinforces Hy24's role as a catalyst in fostering the hydrogen economy and will leverage Masdar’s 20GW of renewable energy projects worldwide, enabling the two leaders to target exploration of larger transactions and project developments across broader geographies at scale and pace. The agreement will also open new investment opportunities for Hy24 in the Middle East and North Africa and benefit from Ardian’s long-standing partnerships established in the region under the leadership of François-Aïssa Touazi (Chairman Ardian Ltd, Abu Dhabi). Hy24 is a joint venture between Ardian, Europe’s largest private investment house, and FiveT Hydrogen, a clean hydrogen investment platform.

Mohamed Jameel Al Ramahi, CEO of Masdar, said:

Pierre-Etienne Franc, Co-founder and CEO of Hy24, said:

Established in 2006, Masdar has developed projects in over 40 countries, helping them to achieve their clean energy objectives and advance sustainable development. It has invested, or committed to invest, in worldwide projects with a combined value of more than US$30 billion with ambitious growth plans to reach 100GW and 1 million tons of green hydrogen by 2030.

Hy24 is committed to catalyzing the growth of a global hydrogen ecosystem by investing across the entire clean hydrogen value chain. Hy24’s first fund – the Clean Hydrogen Infrastructure Fund, or “Infra Fund” – is targeted at building out the hydrogen infrastructure market. The Infra Fund has raised 2 billion euros and already made seven investments. It has brought together more than fifty leading industrial and financial investors from Europe, Asia, and North America with the aim of mobilizing up to 20 billion euros of investment within the next five years. In May 2023, Hy24 co-organized with Ardian the first hydrogen business conference in MENA, in partnership with Abu Dhabi Global Market.

AD Ports Group (ADX: ADPORTS), a leading facilitator of global trade, logistics, and industry, and Abu Dhabi Future Energy Company PJSC – Masdar, the UAE’s clean energy powerhouse, have announced the signing of a Memorandum of Understanding (MoU) on the sidelines of the UN Climate Change Conference, COP28, in Dubai.

Under the terms of the MoU, AD Ports Group and Masdar will jointly explore the development of a green hydrogen production hub within the Khalifa Economic Zones Abu Dhabi (KEZAD) that will serve both domestic and export markets, part of the UAE’s National Hydrogen Strategy that aims to scale up local hydrogen production to 1.4 million tons per annum by 2031, and 15 million tons per annum by 2050.  In support of this strategy, Masdar is targeting an annual global green hydrogen production capacity of up to 1 million tons by 2030 and has signed and executed several global collaboration agreements to meet this goal.

Hydrogen could help to reduce global emissions by more than 20 percent by 2050 with demand rapidly increasing in recent years.

This hydrogen production hub could include export terminals of green products to overseas ports, which would attract more investments into the green hydrogen value chain in Abu Dhabi, as well as offer current and future KEZAD and Khalifa Port tenants the opportunity to develop green industries. 

Captain Mohamed Juma Al Shamisi, Managing Director and Group CEO of AD Ports Group, said:

Mohamed Jameel Al Ramahi CEO of Masdar, said:

Masdar, one of the world’s fastest growing clean energy companies, has signed a non-binding Heads of Terms (HoT) development agreement with OMV, the integrated company for energy, fuels & feedstock, chemicals and materials, to explore in partnership the production of green hydrogen for the decarbonization of industrial processes in OMV’s refineries.

The non-binding HoT forms the basis of a joint agreement to develop an industrial large scale electrolysis plant, which will be powered by renewable energy. The partners will collaborate to develop the project and plan to make a final investment decision in the second half of 2024.

The Heads of Terms development agreement was signed at the UN climate change conference, COP28, in Dubai and follows an initial Memorandum of Understanding (MoU) that was signed between the two parties in Abu Dhabi earlier this year.

said Mohammad Abdelqader El Ramahi, Masdar’s Chief Green Hydrogen Officer.

Masdar has been a pioneer in exploring hydrogen production since 2008 and is developing and investing in strategic projects and building scalable platforms in key markets around the world.

In line with national and international climate goals, OMV has set itself the goal of becoming climate neutral by 2050 in its strategy. A central pillar in achieving this goal is the use and production of green hydrogen via electrolysis from renewable electricity for use in its refineries.