Masdar has agreed to a partnership with Islamic Development Bank (IDB) in order to accelerate the deployment of renewable energy projects throughout the Middle East and North Africa (MENA region).
The Islamic Corp. for Insurance of Investment and Export Credit has signed an agreement with the Masdar, UAE government-owned renewable energy firm during ADSW.
According to Osama Qaisi, CEO of ICIEC, the agreement aims to improve the coordination and efficiency of activities that increase renewable energy production within the member states.
The agreement will provide protection against commercial and political risks, and help to 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.
The agreement includes support for the transition from dirty energy to electricity generated from renewable sources. It also supports the transition to a green economic model while maintaining sustainable economic growth.
The agreement will also allow for the development of economically viable renewable energy projects in both the MENA region as well as international markets.
This partnership will result in a combined capacity of renewable energy of over 23GW and a potential reach of 50GW by 2030.
Abu Dhabi Sustainability Week was the inaugural major global sustainability event since COP27. It brought together climate action towards COP28.