Abu Dhabi, UAE, 18 January 2021: Mubadala Investment Company, The Abu Dhabi National Oil Company (ADNOC), and ADQ signed a MoU to establish Abu Dhabi Hydrogen Alliance (the Alliance) with an aim to establish Abu Dhabi as a trusted leader of low-carbon green and blue hydrogen in emerging international market and building a robust green hydrogen economy in the UAE.
The Alliance will evolve the roadmap and expedite the UAE’s adoption and use of hydrogen in sectors like utilities, mobility and industry, through their respective operating companies and with international partners.
The MoU was signed by H.E. Khaldoon Khalifa Al Mubarak, Managing Director and Group Chief Executive Officer of Mubadala Investment Company, H.E. Dr. Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology and ADNOC Group CEO, and H.E. Mohamed Hassan Alsuwaidi, Chief Executive Officer of ADQ during a virtual ceremony.
The Alliance is geared towards integrating individual strengths of each alliance partner to develop the potential of hydrogen as a new, low carbon fuel and build on Abu Dhabi and the UAE’s global energy leadership and position as the center of gravity for energy innovation.
Key Comments
H.E. Khaldoon Khalifa Al Mubarak said: “Our engagement with ADNOC and ADQ is an important step in the establishment of the UAE’s hydrogen economy, and to align on technology, investment, the development of the domestic market and our approach to international partners and offtakers.”
H.E. Dr. Sultan Ahmed Al Jaber said: “I am pleased that we are coming together as ADNOC, Mubadala and ADQ on this important initiative to explore and develop the potential of hydrogen as a new, low carbon fuel.”
H.E. Mohamed Hassan Alsuwaidi, CEO of ADQ, commented: “ADQ looks forward to working with ADNOC and Mubadala in defining the agenda for the Alliance. The scale of resources and experience each company brings to the new Alliance positions Abu Dhabi for accelerated growth in the hydrogen energy field, ultimately supporting the realization of the UAE’s decarbonization objectives.”
UAE, leveraging its strong track record and industrial capacity across the energy value chain, geographical location and growing local and export demand, is in a unique position to establish a clean hydrogen economy.
Mubadala, through Masdar will leverage its extensive network of international technology and investment partners and other relationships to contribute to the Alliance. ADQ will capitalize the strength of its portfolio companies such as Abu Dhabi Ports, Abu Dhabi Airports, Etihad Rail, Emirates Steel, Abu Dhabi National Energy Company (TAQA) and Emirates Nuclear Energy Corporation (ENEC) to enable activities undertaken by the Alliance.
The Alliance is aiming to pursue the green hydrogen domestically as ADNOC continue to develop blue hydrogen independently within the UAE, leveraging its existing capacity and capabilities.
ADNOC produces around 300,000 tons per annum of hydrogen for its downstream operations and is well positioned to build on its advantaged position as a major natural gas reserves holder and producer, with existing infrastructure and strong partnerships and customer relationships around the world.
In a related development, ADNOC signed an agreement last week with Ministry of Economy, Trade and Industry of Japan to explore cooperation on fuel ammonia and carbon recycling, harnessing technologies which will enable the hydrogen economy.
The past decade has witnessed an unprecedented commitment to cleaner energies like wind and solar and hydrogen looks like a next step in that direction.
The Hydrogen Council, a global initiative of energy, transport and industry companies, envisages the hydrogen technologies to provide 18% of the world’s total energy needs by 2050 and predicts the sales from hydrogen fuel cell market at $2.5 trillion and creation of 30 million jobs globally with potential of hydrogen economy to be even bigger.
News Source: www.mubadala.com.
For More Information, You can visit the website: www.mubadala.com
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