Masdar, IFC sign pact to support climate action

UAE’s clean energy company Masdar has signed an agreement with the International Finance Corporation (IFC) to explore areas of collaboration to support climate action for emerging markets through the establishment of green hydrogen platforms, it said on February 14.

Under the agreement, Masdar and the IFC will explore support for the establishment of a green hydrogen platform for emerging markets, and potential collaboration on bankability and structuring issues for African renewable energy projects.

The framework also covers exploring mechanisms to accelerate the adoption of distributed photovoltaic (DPV) systems, and the development of innovative new technologies and business models in emerging markets in response to the evolving climate crisis, Masdar said.  

The IFC, which is a member of the World Bank Group, uses its capital, expertise, and influence to create markets and opportunities in developing countries.

Masdar is active in a number of emerging markets, developing utility-scale and DPV projects to bring clean energy to communities across Asia and Africa. Masdar has already completed many projects in African countries, including Egypt, Mauritania, Seychelles, and Morocco.

At the recently concluded Abu Dhabi Sustainability Week 2023 Masdar announced the signing of deals for projects with a combined generation capacity of 5 GW across Angola, Uganda, and Zambia as part of Etihad 7, a UAE-led initiative that aims to raise public- and private-sector funds to invest in the development of Africa’s renewable energy sector.