The Memorandum of Understanding (MoU) establishes a framework for cooperation in three key areas: water and biofuels, carbon capture & sequestration (CCS), and building technology. The agreement will facilitate scientific and technical exchanges, and joint research and development of clean adn renewable energy technologies.
A key component of the agreement is that small companies operating in clean technology clusters within the United Arab Emirates and the USA will receive easier access to enter their respective markets which, in turn, will boost trade, investment and job opportunities. The two countries are firmly established trade partners and the UAE is the top Middle East market for US goods; last year, the value of US exports to the UAE was US$12 billion.
Growth of renewable energy is catalyst for economy
The clean and renewable energy agreement was signed by US deputy secretary of energy Daniel Poneman and Dr. Sultan Ahmed Al Jaber, CEO of Masdar.
“We look forward to working with Masdar to find clean energy solutions that will help us overcome our energy challenges,” says Poneman. “By enhancing cooperation on clean energy, we can help build a secure, prosperous and sustainable energy future for the citizens of our nations and the world.”
“The growth of the renewable and sustainable energy sector is seen as an important catalyst for economic growth and diversification,” adds Al Jaber. “Our two nations are strongly aligned when it comes to energy issues and we both recognise it is imperative that we start to change the way we consume energy.”
Agreement to work on renewable energy solutions
“This agreement is a declaration of Masdar's commitment to work collaboratively with global partners to develop viable renewable energy solutions and to jointly address pressing global energy challenges such as climate change and energy security," he adds.
The agreement facilitates the ability of Masdar to participate in DoE-funded projects and for the DoE to have fast-track demonstration and pilot opportunities in Masdar with research and development support from Masdar Institute of Science & Technology, a research institute dedicated to renewable energy.
Other areas of cooperation include the exchange of scientific and technical information on clean and renewable energy policy; the exchange of experts and specialists; identification of areas and projects suitable for joint research; and development of pilot-scale and commercial-scale projects to address the future needs of the clean technology sector.
A detailed work plan will be developed over the coming months, with quarterly updates and annual reviews to ensure the implementation of the framework agreement.
The clean energy framework agreement marks the first such initiative for Masdar with a US government entity. The Masdar Institute of Science & Technology, Boeing and Honeywell UOP, with the UAE's Etihad Airways, recently signed agreements to establish a R&D project in Abu Dhabi to support development and commercialisation of aviation biofuels.