UAE's Ministry of Industry and Advanced Technology (MoIAT) has signed a memorandum of understanding (MoU) with the Federal Ministry of Finance of Austria for a comprehensive collaboration in the hydrogen technology industry.
The agreement follows the Comprehensive Strategic Partnership, which was signed in July 2021 during the official visit to Austria of His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces.
The partnership reaffirmed their commitment to expanding bilateral relations and launching a new era of cooperation to drive growth in their respective countries, especially in priority sectors such as the energy sector, said a Wam news agency report.
The agreement was signed by Dr Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology; and Elisabeth Köstinger, Federal Minister of Agriculture, Regions and Tourism of Austria on behalf of Dr Magnus Brunner, Federal Minister of Finance of Austria; in the presence of Karl Nehammer, Federal Chancellor of Austria; Mariam bint Mohammed Almheiri, UAE Minister of Climate Change and the Environment; Leonore Gewesler, Federal Minister of Austria; Sarah bint Yousif Al Amiri, UAE Minister of State for Advanced Technology; Omar Al Suwaidi, Under-Secretary of the UAE Ministry of Industry and Advanced Technology; and Dr Andreas Liebmann, Ambassador of Austria to the UAE.
Dr Al Jaber said: "The MoU aims to establish a comprehensive collaboration in hydrogen technology, which will build on the strengths of each party and contribute to the UAE’s position as a leading global energy producer. The agreement is also in line with the UAE’s commitment to net-zero emissions by 2050 through the deployment and use of clean energy solutions."
"This agreement is in line with the wise leadership’s vision and directives to boost efforts in positioning the UAE among the top industrial countries in the world and contribute to building a sustainable and diversified economy that will make the UAE an international model for sustainable economic development. To achieve this, we must focus on enhancing investment incentives, accessibility of resources and a strong infrastructure. It is also imperative that we develop strategic initiatives that both guide our path forward and demonstrate the foresight to adapt to global shifts," he added.
He continued: "This agreement follows the comprehensive strategic partnership signed in mid-2021 and builds on the strong relationship between the UAE and the Republic of Austria. Our bilateral relations encompass several strategic sectors, including information technology, communication technology, advanced technology, digitalisation, the fourth industrial revolution, and sustainability, among others. Both countries prioritise international cooperation and are committed to an open and transparent dialogue."
Köstinger said: "It is our shared objective to meet the growing global energy demand while reducing carbon emissions. The United Arab Emirates offer ideal conditions for green hydrogen production, while Austria has decades-long experience in gas transport and storage as well as the required infrastructure. We have decided to combine our respective comparative advantages for the greater good. Today’s signing of a cooperation agreement ensures the Republic of Austria and the UAE remain at the forefront of energy innovation."
The objective of the comprehensive collaboration in the hydrogen technology industry is to build a long-term, reliable, and mutually beneficial partnership for shared and common goals. The collaboration will comprise a permanent framework for collaboration and exchange across the entire hydrogen ecosystem, including production, storage, conversion, transport, trade, re-conversion, utilisation of clean hydrogen, as well as manufacturing and services along the value chain, and joint research and development activities.
The collaboration will develop a joint roadmap to support the acceleration of the use of hydrogen in key sectors such as utilities, mobility and industry, through their respective operating companies, the report said. - TradeArabia News Service