London and Abu Dhabi are collaborating in the development of renewable hydrogen at the policy level. In addition, this collaboration extends into the areas of innovation, trade and investment.
A bilateral project
London and Abu Dhabi see opportunity inrenewable hydrogen. The United Kingdom and the United Arab Emirates are drawing on the insights and studies of more than 100 international experts. The objective is to define 39 priority areas in terms of policy, innovation, investment, infrastructure, supply, demand and skills.
The first conclusions were made at the World Green Economy Summit 2022. Saeed Mohammed Al Tayer, president of the World Green Economy Organization (WGEO), who is co-responsible for the report, says:
“This report shows how the UAE and the UK can forge a strong partnership to develop the renewable hydrogen sector. We have seen strong action and willingness to cooperate from both the public and private sectors in both countries, but to fully realize the economic and environmental potential of renewable hydrogen, more and faster action is needed.”
Through the in-depth study, both countries intend to contribute to the acceleration of the renewable hydrogen industry.
Hydrogen, the key to the ecological transition
By 2050, it is estimated that hydrogen will contribute more than $8.7 billion per year to the UAE economy. The United Kingdom will reach almost $15 billion in gross value added. The project will create over 100,000 new jobs in each country under high adoption scenarios.
Jeffrey Beyer, Managing Director of Zest Associates, states:
“Clean hydrogen is an opportunity to grow and diversify the economies of the UAE and the UK while moving towards their net zero commitments. The two countries are already the strongest hydrogen partners globally and should strengthen this special relationship via bilateral platforms to coordinate hydrogen supply chains, research and demonstration initiatives for new hydrogen technologies.”
The HSBC Group, sponsor of this report, announces that London and Abu Dhabi can exploit the economic potential of hydrogen. In addition, a previous investment partnership report between the two countries provides for £10 billion for hydrogen.
