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The UAE has been active at COP29, with Masdar inking agreements for several renewables projects in Asia, and new initiatives for energy efficiency.
Masdar is moving quickly on its 1 GW wind farm in Kazakhstan, securing a power purchase agreement for the project just a few days after signing the investment agreement, according to a press release. Masdar signed the agreement with the Financial Settlement Centre for Renewable Energy Sources Support on Saturday,
About the plant: Once completed, the plant is expected to produce enough power for 300k homes and offset two mn tons of emissions per annum. The new facility — located in the Jambyl region in south Kazakhstan — will feature a 600 MWh battery energy storage system. Construction is set to commence in 1Q 2026.
ALSO- The company secured USD 600 mn in financing for 760 MW of solar projects in Azerbaijan: UAE renewables giant Masdar and Socar Green — the renewables subsidiary of Azerbaijan’s state-owned oil company Socar — have secured over USD 600 mn in financing for two solar projects in Azerbaijan, according to a press release. The plants are expected to be among the largest in the country, eliminating 725k tons of CO2 emissions per year and tripling the country’s solar energy capacity.
Who is contributing? The European Bank for Reconstruction and Development (EBRD), the Asian Development Bank (ADB), and the Asian Infrastructure Investment Bank (AIIB) are all committing funds to the projects. The exact breakdown of the contributions is not clear, but we know ADB is contributing a financing package totaling USD 160 mn, the bank said in a statement.
REMEMBER- Masdar and Azerbaijan’s Socar already broke ground on the Bilasuvar and Neftchala solar parks at Baku Energy Week in June 2024. Construction is due to be completed by 1Q 2027. The two companies inked, along with Saudi Arabia’s Acwa Power, also signed an MoU last week to develop 3.5 GW of offshore wind projects in Azerbaijan’s Caspian Sea.
OTHER COP29 NEWS-
#1- UAE launches Global Energy Efficiency Alliance: The UAE has unveiled the Global Energy Efficiency Alliance at COP29, aiming to double global energy efficiency rates by 2030, Wam reported on Friday. This initiative builds on the UAE Consensus from COP28 and seeks to encourage investments in energy efficiency projects, develop supportive policies and technologies, and promote capacity building.
A particular focus will be placed on aiding African nations with financing and technological solutions to enhance their energy efficiency capabilities, Sharif Al Olama, the energy undersecretary at UAE’s Ministry of Energy and Infrastructure, told Wam.
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#2- WGEO + Palau partner on climate action: The World Green Economy Organisation (WGEO), spearheaded by the UAE and the Government of Palau, signed an MoU to advance green economy initiatives and climate action, Wam reports. The partnership focuses on fostering low-carbon solutions and ocean conservation, crucial for Palau as a Small Island Developing State (SIDS).
#3- WGEO backs 11 African cities in carbon neutrality efforts: WGEO pledged its support to 11 African cities under the Carbon Neutral Cities Initiative, in collaboration with United Cities and Local Governments of Africa, Wam reports. The initiative focuses on reducing carbon footprints and developing sustainable infrastructure in Chefchaouen, Nouakchott, Cotonou, Ndiop, Brazzaville, Bangangté, Bangui, Blantyre, Quelimane, Homa Bay, and Jinja.
#4- The UAE is developing the world’s first ChatGPT tool for the agricultural community, dubbed CHAG, Mariam Almheiri, head of the International Affairs Office at the UAE Presidential Court, said during COP29, Wam reported. The platform aims to help farmers make informed decisions pertaining to their agricultural cycle and adapt to various environmental conditions.
