Dubai WGS 2023: Abu Dhabi’s Masdar, IFC join hands to support green projects

Dubai WGS 2023: Abu Dhabi’s Masdar, IFC join hands to support green projects

Abu Dhabi' s renewable energy firm Masdar has signed an agreement with the World Bank Group’s private-sector arm, the International Finance Corporation (IFC), to explore areas of collaboration to support climate action in emerging markets.

The deal was signed by Mohamed Jameel Al Ramahi, Chief Executive Officer, Masdar and Mohamed Gouled, Vice President of Industries at IFC, on the side-lines of the World Government Summit 2023 in Dubai.

Dr Sultan Al Jaber, UAE Minister of Industry and Advanced Technology, COP28 President-Designate, said: “As the UAE prepares to host COP28, we have placed a special emphasis on ensuring better, more efficient and more equitable access to climate finance.”

"The International Finance Corporation has been a key partner for Masdar in a number of emerging markets, and this agreement carries forward the UAE’s commitment to equitable climate finance and inclusive sustainable development,” he added.

Makhtar Diop, Managing Director of IFC, said: “Under the agreement, Masdar and the IFC will explore support for the establishment of green hydrogen platform for emerging markets, and potential collaboration on bankability and structuring issues for African renewable energy projects."

The agreement also covers exploring mechanisms to accelerate the adoption of distributed photovoltaic (DPV) systems, and the development of innovative new technologies and