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Masdar Join Hands For Renewable Energy Deployment in MENA Region | |
| Sumita Pawar |
The Islamic Corp. for Insurance of Investment and Export Credit has signed an agreement with Masdar, a UAE government-owned renewable energy firm, during ADSW, said the report.
CEO of ICIEC Osama Qaisi says that the goal of the agreement is to improve the coordination and efficiency of activities in member states that increase the production of renewable energy.
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The agreement will provide protection against commercial and political risks and help increase the flow of investments related to climate action, technology, or services in member states.
The terms of the agreement stipulated that the parties would cooperate to promote joint work in establishing and financing renewable energy projects using insurance support for the ICIEC member states, as highlighted in the report.
The agreement includes support for the transition from dirty energy to electricity generated from renewable sources. It also helps move the economy toward a green model while keeping the economy growing in a healthy way.
The report says that the agreement will also make it possible to build renewable energy projects that can make money in both the MENA region and international markets.
This partnership will result in a combined capacity of renewable energy of over 23 GW and a potential reach of 50 GW by 2030.
Abu Dhabi Sustainability Week was the first major global sustainability event since COP27. It brought together climate action toward COP28.