The UAE’s Masdar and China’s Silk Road Fund (SRF) have signed a Memorandum of Understanding (MoU) to collaborate on renewable energy projects, with SRF committing to invest up to RMB 20 billion ($2.8 billion).
The agreement, signed during COP29, focuses on co-investments in projects across the Belt and Road Initiative (BRI) countries, primarily targeting the developing world and global south.
The partnership was formalized by Masdar CEO Mohamed Jameel Al Ramahi and SRF Chairwoman Zhu Jun, marking a significant step in advancing the energy transition.
Masdar, a leading clean energy company, has a substantial presence in the Middle East, Central Asia, Southeast Asia, and Africa, regions central to the BRI.
The collaboration aligns with Masdar’s strategy to achieve a renewable energy portfolio of 100 GW by 2030 while advancing its ambitions in green hydrogen production.
“By combining our expertise, this partnership will provide a major boost to renewable energy projects in emerging markets and the global south,” said Masdar CEO Mohamed Jameel Al Ramahi.
Chairwoman Zhu Jun echoed this sentiment, emphasizing the UAE’s key role in the BRI and the shared commitment to global sustainability through the development of “the Green Silk Road.”
SRF, with over 7 GW of renewable energy assets in BRI regions, focuses on sustainable investments that align with global climate goals. The UAE, a key BRI partner, has been an active supporter of joint infrastructure and trade initiatives, furthering its leadership in sustainability and climate action.
Since 2006, Masdar has developed renewable energy projects in over 40 countries, cementing its role as a global leader in clean energy. The company continues to drive ambitious targets, including the production of 1 million tonnes of green hydrogen annually by 2030.
