UK Government: Britain signs new gulf green deal
Nov 04, 2008 -- M2 PRESSWIRE
Britain has teamed up with two oil-rich Gulf states to secure a mix of
reliable and green energy supplies for the UK and which could see hundreds
of millions of pounds pumped into the green energy revolution.
The announcements were made during a visit to the Gulf by Prime Minister
Gordon Brown and Energy and Climate Change Secretary Ed Miliband.
They include:
* A Memorandum of Understanding signed today between the UK and Masdar (the
Abu Dhabi Future Energy Company), to develop renewable energy and low carbon
technology such as wind, carbon capture and storage, as well as solar and
marine energy
* A new GBP250 million partnership between Qatar and the United Kingdom to
help British companies develop groundbreaking clean green technology, to be
run by the Carbon Trust
The agreements form part of the UK's efforts to diversify its energy
supplies and tackle climate change by promoting a global move towards
renewable and low carbon technology.
Prime Minister Gordon Brown said:
"I applaud the vision and leadership which Masdar has shown in investing in
the development and deployment of low carbon energy technologies. The United
Kingdom looks forward to collaborating with Masdar through this agreement,
bringing together the best of British and Abu Dhabi expertise for the
benefit not only of our two peoples but for the world as a whole."
Energy and Climate Change Secretary Ed Miliband said:
"As every country tackles the twin challenges of energy security and climate
change, both oil producing and oil consuming nations need to diversify our
energy economies. Low carbon sources - from wind and solar through wave and
tidal to carbon capture and storage - can provide a new engine of global
economic growth. So this partnership represents a significant contribution
to our sustainable prosperity.
"The Gulf's oil and gas will continue to be an important source of energy
for the UK, but with the impending threat of dangerous climate change and
growing global energy demand, the UK and the rest of the world needs to
diversify its energy supplies.
"These agreements show how Qatar and the UAE are serious about tackling
climate change, diversifying their economies and providing secure energy
supplies for the UK. The Gulf states recognise the UK too has natural
assets, like wind, that offer investment opportunities for them."
Dr. Sultan Al Jaber, CEO of Masdar, said:
"Securing a sustainable energy future is a challenge that requires the
collaboration of governments, NGOs and corporations from around the world.
This collaboration with the UK Government is very much in line with our
leadership's vision of cooperating with other governments and organizations
from around the world. The United Kingdom is home to a wealth of expertise
in renewables and today's cooperation agreement heralds a new era of
cooperation with the UK Government in renewable energy and sustainable
technology investment and knowledge transfer that will benefit both our
economies and drive the future growth of the renewable energy sector
globally."
Commenting on the new Qatar-UK Clean Technology Investment Fund that was
signed yesterday Tom Delay, Chief Executive of the Carbon Trust, said:
"Mitigating climate change will bring a wealth of new business opportunities
as low carbon technologies are developed and commercialised. This new clean
technology fund will put the UK at the heart of low carbon innovation. By
investing in home grown companies developing cutting edge low carbon
technologies it will enable the UK to benefit commercially from the move to
a low carbon economy".
Details of the agreements are as follows:
* A Memorandum of Understanding between the UK and Abu Dhabi's Masdar
Initiative to work on technologies such as on and offshore wind, carbon
capture and storage, as well as solar and marine energy. The deal could see
millions of pounds being invested in the UK in renewable energy technology,
and follows the announcement on 16 October that Masdar was to invest in the
London Array offshore wind farm project which when built will be biggest
wind farm of its kind in the world.
* A brand new GBP250 million partnership between Qatar and the United
Kingdom to develop renewable energy and low carbon technology. The Qatar-UK
Clean Technology Investment Fund will seek to make venture capital
investments in clean energy businesses primarily located in the UK. The Fund
will begin investing with up to GBP150m committed from the Qatar Investment
Authority alongside the Carbon Trust's commitment. It will look for further
funding from other investors to bring the maximum amount to GBP250m. The
fund will be managed by Carbon Trust Investments.
The visit to the Gulf comes ahead of a meeting in December of oil producing
and oil consuming nations, to be chaired by Mr Miliband. The London Energy
Meeting will provide an enhanced dialogue between producers and consumers on
oil and its impacts on the world economy.
Centrica, the owner of British Gas, has also announced it is to import its
first shipment of LNG into the UK. The cargo was purchased from Rasgas
Company Ltd, the Qatari LNG producer and will be delivered in November 2008
on one of the world's largest LNG carriers and the largest gas vessel to
call at a British port. LNG will become increasingly important to the UK as
our own sources of gas decline.
LNG enables us to access new and diverse sources of gas, including from the
Middle East.
Notes to Editors
1. The Masdar Initiative is Abu Dhabi's multi-faceted, multibillion dollar
investment in the development and commercialization of innovative
technologies in renewable, alternative and sustainable energies as well as
sustainable design. Masdar is driven by the Abu Dhabi Future Energy Company
(ADFEC), a wholly owned company of the government of Abu Dhabi through the
Mubadala Development Company. In January 2008, Abu Dhabi announced it will
invest $15 billion in Masdar, the largest single government investment of
its kind. Masdar, which works with a range of innovative renewable energy
companies and utilities, is continuously searching for investment
opportunities.
2. Masdar is also working with a range of top-class UK companies and
institutions including leading architects, Foster & Partners, the Master
Planners of Masdar City, and Imperial College London, who are a key members
of the Masdar Research Network, a network of universities across the world
conducting advanced research in energy and sustainability technologies. For
further4 information on Masdar visit: http://www.masdaruae.com/
3. Further details of the Qatar-UK Clean Technology Investment Fund can be
found here: http://www.carbontrust.co.uk/News/presscentre/CleanTechnologyFund.htm
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