The International Finance Corporation (IFC), a global development institution focused on the private sectors of developing countries, has signed an agreement with Masdar, a fast-growing renewable energy company, to explore areas of collaboration around climate action for emerging markets
The collaboration framework was signed by Mohamed Jameel Al Ramahi, CEO of Masdar, and Mohamed Gouled, vice president of industries at IFC, on the sidelines of the World Government Summit 2023.
As part of the agreement, Masdar and the IFC will explore support for the establishment of a green hydrogen platform for emerging markets and potential collaboration on bankability and structuring issues for African renewable energy projects. The framework also covers exploring mechanisms to accelerate the adoption of distributed photovoltaic (DPV) systems, and the development of innovative new technologies and business models in emerging markets in response to the evolving climate crisis.
Sultan Al Jaber, UAE Minister of Industry and Advanced Technology, said, “As the UAE prepares to host COP28, we have placed a special emphasis on ensuring better, more efficient and more equitable access to climate finance. The UAE is a trusted partner of many nations and actively supports the development of emerging nations. The International Finance Corporation has been a key partner for Masdar in a number of emerging markets, and this agreement carries forward the UAE’s commitment to equitable climate finance and inclusive sustainable development.”