Paris, 20 July 2022 (TDI): President of the United Arab Emirate (UAE), Sheikh Mohamed bin Zayed Al Nahyan met the President of the Republic of France, Emmanuel Macron in Paris on 19 July 2022.
الشراكة الإستراتيجية تستفيد من مكانة #الإمارات مزوداً موثوقاً للطاقة ضمن أكبر 6 دول في العالم من حيث احتياطيات النفط وباستثمارات تزيد على 50 مليار دولار أمريكي في مشاريع للطاقة النظيفة عبر ست قارات #وام pic.twitter.com/9I0bJpIpZX
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Both of them witnessed the signing of two agreements. One was of Comprehensive Strategic Energy Partnership (CSEP) between the United Arab Emirates (UAE) and France. The second one was a strategic partnership agreement between ADNOC and Total Energies.
The main focus of the UAE-France CSEP is enhancing energy security, energy affordability, and decarbonization. Along with this, it aims for progressive climate action ahead of COP28, set to take place in the UAE in 2023.
The landmark partnership builds on the strong, close, and long-standing bilateral relations between both countries. What’s more, it also leverages the UAE’s position as a responsible and reliable supplier of energy.
However, the UAE holds the sixth-largest crude oil reserves in the world and is committed to enabling global energy security.
Through a balanced and pragmatic approach to the energy transition, the UAE is expanding its crude oil production capacity. The UAE is also investing over $50 billion in clean energy projects on six continents.
The agreement was signed by Dr. Sultan Ahmed Al Jaber, Emirati Minister of Industry and Advanced Technology, Bruno Le Maire, French Minister of Economy, Finance, and Industrial and Digital Sovereignty, as well as Agnès Pannier-Runacher, French Minister of Energy Transition.
Dr. Al Jaber’s statement
Dr. Al Jaber said: “The UAE, under the wise leadership of President His Highness Sheikh Mohamed bin Zayed Al Nahyan, continues to consolidate its position as a reliable energy provider and a key contributor to global energy security while advancing progressive climate action.
France is a close, long-standing strategic partner of the UAE, and this Comprehensive Strategic Energy Partnership provides a robust platform for us to work together to better deliver secure, affordable, and sustainable energy required to drive economic growth and prosperity for our countries and the world.
“The landmark agreement deepens the cooperation between our countries across the energy value chain and unlocks technology and energy solutions that are good for the climate and the economy.
In line with the vision of the UAE’s wise leadership, we will continue to build bridges of partnership across conventional and new energies, as well as capitalize on the economic opportunities of the energy transition, strengthen industrial cooperation and drive sustainable growth.”
Contribution of UAE
Thus, UAE is adopting a low-carbon pathway to a high-growth destination and aims to accelerate progress on this journey.
The country was the first in the region to sign and ratify the Paris Agreement. Adding to this, the UAE was the first country to announce a Net Zero by 2050 Strategic Initiative.
