Dubai: The UAE and France have signed a strategic partnership agreement in the field of energy, while there is a separate one between ADNOC and TotalEnergies. The signings are within the framework of the state visit of His Highness Sheikh Mohamed bin Zayed Al Nahyan to France.
The first partnership focuses on enhancing energy security, providing affordable energy and reducing emissions, in addition to advancing effective climate action in preparation for the 28th Conference of the Parties (COP28) to be held in the UAE next year. The UAE is adopting a comprehensive ‘approach to keep pace with the energy transition’ based on raising production capacity of crude oil to 5 million barrels per day and increasing capacity of its renewable energy projects from 23GW to more than 100GW by 2030. The UAE, through Masdar and other ventures, is also investing more than $50 billion in clean energy projects on six continents, including 27 island countries most vulnerable to the effects of climate change.
The two agreements were signed by Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology, Bruno Le Maire, Minister of Economy, Finance, Industrial and Digital Sovereignty, and Agnès Pannier-Runacher, Minister of Energy Transition, while the second was signed by Al Jaber and Patrick Pouyanne, CEO of TotalEnergies.
“We continue to benefit from the economic opportunities offered by the transformation in the energy sector, to enhance industrial cooperation and to benefit from technology exchange,” said Al Jaber.
President His Highness Sheikh Mohamed bin Zayed Al Nahyan and his French counterpart witnessed the signing of the MoU between their countries.
“I witnessed alongside President Macron an MoU signing to establish a strategic energy partnership between the UAE & France – advancing our collaboration in this priority sector,” said Sheikh Mohamed. “Through such sustainable economic ties, we continue to strengthen the bonds between our two nations.”
The UAE is ‘keen to accelerate climate action in preparation for hosting COP28’. The partnership agreement will have a special focus on energy security and efficiency projects and transformation of the energy sector.
The partnership with TAQA provides a platform to explore areas of bilateral cooperation in the development and production of hydrocarbon fuels and LNG; the establishment of flexible supply chains; carbon capture; low-emission hydrogen production and development of hydrogen infrastructure; and solar and wind energy projects around the world.
A joint working group will be established to facilitate implementation of the UAE-France Energy Partnership, coordinate all activities stipulated in the agreement, and monitor progress.
France has close and long-term relations with the UAE, as TotalEnergy has been working in the oil and gas sector in Abu Dhabi since 1939.
- With inputs from WAM.