UIBC-UC supports cross-border collaborations in green projects

The UAE India Business Council UAE Chapter (UIBC-UC), established in February 2023 under the patronage of foreign ministries of both nations, is an official joint chamber, a consortium of 19 members, dedicated to advancing the objectives of the Comprehensive Economic Partnership Agreement (CEPA), including increasing non-oil trade to $100 billion and facilitating $75 billion worth of investments from the UAE into India by 2030.

As an official joint chamber, UIBC-UC actively champions and supports bilateral agreements that harmonise environmental regulations and clean energy goals of India and the UAE, in turn supporting cross-border collaborations in green projects.

In the realm of robust geopolitical relations, several notable events have highlighted the commitment of both nations to sustainable growth. For instance, at the COP28 conference held in the UAE in December 2023, the UAE announced plans to invest in 6.6 GW of clean energy projects in India, encompassing 1,200 MW of wind and solar energy initiatives.

Additionally, UAE-based Mubadala Investment Company, one of the world’s largest Sovereign Wealth Funds (SWF) and a UIBC-UC Board member, in association with BlackRock Real Assets, recently invested $525million in Tata Power Renewables platform to bolster the rising demand for clean energy sources in India.

The council fosters policy advocacy and regulatory alignment for key projects in the green energy domain and also promotes strong thought leadership and joint research initiatives. This is reflected through UIBC-UC’s recent research paper titled, Renewables Sector in India, that aligns with India’s ambitious climate goals and envisions the transformation of India’s power sector by 2032.

Through these initiatives, UIBC-UC supports sustainable development and economic growth, positioning both nations as leaders in the low-carbon economy.

The writer is Chairman, UIBC-UC