You may have read the flurry of hydrogen- related announcements that came out of Abu Dhabi in January during the UAE (United Arab Emirates) capital’s Sustainability Week (Abu Dhabi Sustainability Week, or ADSW for short) and noticed one name particularly at the centre of these – Mubadala. The Abu Dhabi sovereign investor is committed to ensuring energy security by investing diversely across the energy landscape, with the goal of advancing the ongoing energy transition. With a $232.2bn portfolio of assets in the UAE and internationally, Mubadala Investment Company firmly believes the world needs multiple sources of energy, including new emerging energy sources like hydrogen.
Before we look more at Mubadala and its hydrogen ambitions, let’s recap what happened in January. First, we had the launch of the Abu Dhabi Hydrogen Alliance, formed by ADNOC, ADQ and Mubadala, which aims to establish Abu Dhabi as a trusted leader of low-carbon green and blue hydrogen in emerging international markets. The three partners will also work together to build what they refer to as a “substantial” green hydrogen economy in the UAE. This includes developing a roadmap to accelerate the UAE’s adoption and use of hydrogen in major sectors such as utilities, mobility and industry.
For Mubadala in particular, this engagement with ADNOC and ADQ is an important step in the establishment of a coordinated UAE hydrogen economy, and to align on technology, investment, the development of the domestic market and Mubadala’s approach to international partners and off-takers. The investor will contribute through Masdar, its global renewable energy champion, and its extensive network of international technology and investment partners and other relationships. ADQ will bring together its portfolio companies across the energy value chain, with companies such as Abu Dhabi Ports, Abu Dhabi Airports, Etihad Rail, Etihad Steel, Abu Dhabi National Energy Company (TAQA) and Emirates Nuclear Energy Corporation (ENEC) to enable activities undertaken by the Alliance.
Masdar, wholly owned by Mubadala, is one of the world’s fastest growing renewable energy companies and has been pioneering in this effort since 2006. Masdar’s mission has been to put the UAE on a path to a sustainable and diversified economy. This year, the company more than doubled its clean energy capacity over two years to generate enough electricity to power more than four million homes.
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