Gulf Co-operation Council (GCC) countries can become clean energy hubs connecting Europe, Asia and Africa, according to European Commission President Ursula von der Leyen.
Speaking at the EU-GCC Summit, the President said the Gulf is beginning a significant energy transformation.
“I firmly believe that the energy advantages of this region extend to renewables, clean hydrogen, carbon capture utilisation, and storage,” she said.
“And we observe that clean energy projects by companies from the Gulf are becoming more and more visible within the region and beyond. This is the moment to work together to develop new value chains and markets for clean energy.”
“By investing in interconnections and infrastructure, your region could become a clean energy hub, connecting Europe, Asia and Africa.”
President von der Leyen added that is why Europe is joining forces in ambitious projects like IMEC (India-Middle East-Europe) economic corridor.
“Trade and investments are the backbone of our relationship, and our economic ties are growing. We need to build more strategic connections, be it on trade, energy, of course innovation and technology, for example AI, and critically, people-to-people contacts.”
“This is the reason for our ambition to extend the network of European Chambers of Commerce in the region, like the one recently opened in Saudi Arabia,” she said.
Masdar, which is aiming for a renewable energy portfolio capacity of 100 gigawatts (GW) by 2030, recently signed an agreement with ICP Infrastructure, an infrastructure fund manager backed by the Aker Group, to explore partnership and investment opportunities in green energy infrastructure in Europe, including potential collaborations in renewables in the Nordics.
A second agreement, signed with Aker Horizons Asset Development, will explore joint development and investment opportunities along the ‘Power to Green Hydrogen’ value chain, targeting the decarbonisation of hard-to-abate sectors. The company also signed an agreement with Yara to explore collaboration and investment opportunities along the ‘power-to-green ammonia’ value chain, with green hydrogen at its core.
The clean energy company also closed its acquisition of a 50% stake in Terra-Gen Power Holdings II, one of the largest independent renewable energy producers in the US, from Energy Capital Partners.
Masdar will be among the speakers at the gasworld MENA Industrial Gases Conference in Abu Dhabi between November 18-20. More details below.
MENA Industrial Gases Conference
In 2024, the Middle East & North Africa region home to both an enviable climate in renewable resources and investment and a bold vision in decarbonisation, green energy and industrial value chains.
From Saudi Arabia to Qatar, the UAE to Oman, and Mauritania to Morocco, there are promising gas and energy ecosystems-in-the-making. Vision 2030 is the mantra, and global leadership the goal.
But how can a vision for 2030 translate to a vision for industrial gas and equipment growth?
Join gasworld in November 2024 as its MENA Industrial Gases Conference 2024 returns to Abu Dhabi.
To attend, sponsor and for more information, visit: https://bit.ly/GWMENA-S24
