Abu Dhabi firm to work with French companies on developing sustainable energy projects
Abu Dhabi's clean energy firm Masdar said on Tuesday it has signed an agreement to work on sustainable energy projects with France.
Masdar signed a joint declaration with France in the presence of French President Francois Hollande at the World Future Energy Summit in Abu Dhabi.
The agreement was signed by Delphine Batho, French Minister of Ecology, Sustainable Development and Energy, and Dr Sultan Ahmed Al Jaber, CEO of Masdar.
The agreement paves the way for Masdar to work closely with French firms and institutions on the development and advancement of sustainable energy, a statement said.
Potential avenues for collaboration under the joint seclaration include facilitating the co-development of new commercially viable technologies, as well as exchanging expertise, human capital development and sharing experience with policies and regulations.
The agreement also opens the door for joint research in renewable energy projects and sustainability technologies, the statement added.
"France and the UAE are equally committed to making a concerted effort to address energy security and sustainability," said Al Jaber.
"The two countries are making bold investments in large-scale renewable energy projects and developing carbon reduction strategies."
The UAE and France already have strong partnerships in the renewable energy sector.
Total, the French oil and gas company, and Masdar have partnered to build Shams 1, the 100-megawatt concentrated solar power project in the Western Region of Abu Dhabi, which is the largest solar power project in the Middle East.
"This joint declaration builds on our already strong relationship and enables us to further explore new collaborative opportunities in the clean energy sector," added Al Jaber.
The UAE is making significant investments in the creation of a renewable energy industry, a move that will diversify both its economy and its energy mix.
"France and Masdar already have a robust working relationship in the energy sector. This Joint Declaration lays the necessary groundwork for us to learn even more from each other and continue to bring forward promising large-scale renewable energy projects," said Batho.
To tackle climate change and to boost the national economy, France is also making a strategic move to invest in renewable energy.
France's wind energy capacity ranks sixth in the world and the nation has a target to produce 23 percent of its energy from renewable sources by 2020.