With about $2.8 trillion set to be invested globally in energy in 2023, it isn’t surprising that Abu Dhabi-based Mubadala Energy and Masdar have joined hands to explore opportunities for decarbonization and energy transition.
This partnership centers around the Middle East and South-East Asia regions and regions of “mutual interest,” noted the companies. The two companies will collaborate on joint investments toward energy projects and emissions reduction initiatives.
“Energy transition and decarbonization are key drivers shaping the global economy,” said Bakheet Al Katheeri, chief executive of the UAE investments platform at Mubadala Investment Company. He added that bringing the two energy companies together will leverage their deep expertise and catalyze innovation. “I’m confident this collaboration will accelerate solutions to complex challenges and create opportunities for strategic investment.”
Founded in 2006, Mubadala is active in more than 40 countries, investing in projects worth up to $30 billion. The company has doubled its clean energy capacity and carbon dioxide displacement in the past two years.
Masdar chief executive Mohamed Al Ramahi said that the company believes that investments in the energy sector must align with scalable clean energy initiatives and more efficient use of natural resources “to mitigate climate change while ensuring a sustainable energy supply.”
The agreement also works to achieve the larger picture of the UAE’s mission to net-zero emissions by 2050. The updated UAE Energy Strategy 2050 states that the GCC state will invest $54 billion by 2030, ensuring the balance between energy demand and economic growth.
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