The report, sponsored by HSBC, will explore mutual opportunities to accelerate the development of the respective green hydrogen markets of the UAE and the UK. The report comes as part of a joint commitment between the World Green Economy Organisation (WGEO), a Dubai-based international platform that drives coalitions to enable green economic growth and Zest Associates.
A closer relationship
“As the UAE and UK look to deepen their trading relationship and spur investment and innovation in low-carbon technology, it is critical that we create spaces for dialogue and the exchange of ideas that lead to real practical action. This report will align with the WGEO’s objective to enable and implement bankable and sustainable green projects and programmes by linking technology, capacity-building and finance,” said Saeed Mohammed Al Tayer, Chairman of WGEO.
The paper will examine opportunities green hydrogen opportunities for the two countries, with scalable suggestions for collaboration and partnerships. The whitepaper will uncover priorities, study hydrogen companies, and study how policy and regulatory collaboration between the UAE and UK can facilitate trade, encourage foreign direct investment, and guarantee the low carbon credentials of hydrogen.
Research for the green hydrogen report will include stakeholder meetings and workshops to test and validate findings. There will also be a panel discussion on the report’s conclusions in the first half of 2022.
Abdulfattah Sharaf, HSBC UAE CEO and Head of International, said, “HSBC is committed to helping lead the transition to net zero and this research will help improve the understanding of how hydrogen’s economic and environmental benefits can be built into the low carbon journeys of the UAE and UK.”
Zest Associates, a Dubai-based sustainability consultancy with expertise in green finance, policy and cleantech innovation, is leading the report’s research. “Our goal is to show how the UAE and UK can move from ambition to action,” said Jeffrey Beyer, Managing Director at Zest Associates. “We are bringing together the key players – big and small – to identify collaborative opportunities and show how cooperation brings mutual benefits to all parties. The report will set out the practical steps that the UAE and UK can take to create the conditions for a clean hydrogen market to thrive, while at the same time matching up companies and innovators to catalyse deals and technology development in clean hydrogen.”
Cooperating for a green future
The announcement of the green hydrogen report builds on recent public statements aimed at bolstering the economic relationship between the UK and UAE, with a focus on cleantech and low carbon infrastructure, including expansion of the UAE-UK New Energy Partnership. In September this year, the UK Office for Investment (OfI) and Abu Dhabi’s Mubadala Investment Company signed an agreement to significantly expand the UAE-UK Sovereign Investment Partnership (UAE-UK SIP), a framework for investment announced in March 2021.
As part of the agreement, the UAE has committed to investing ₤10bn (US$13bn) across three sectors: technology, infrastructure, and energy transition, as well as building on the existing programme of life sciences investment. ADNOC, BP and Masdar announced they are expanding the UAE-UK New Energy Partnership to explore development of clean hydrogen hubs in both the UAE and UK at an initial scale of at least 2 gigawatts (GW), comprising 1 GW in the UAE and 1 GW in the UK.
In May 2021, Dubai Electricity and Water Authority (DEWA) inaugurated the first solar-driven green hydrogen production facility in the Middle East and North Africa (MENA) region in collaboration with Expo 2020 Dubai and Siemens Energy, with the aim of demonstrating the production of green hydrogen from solar power, storage and re-electrification.
In October of last year, DEWA invited consultants to strategize on green hydrogen production within the UAE.
