- Silk Road Fund to invest up to RMB 20 billion (approximately USD 2.8 billion) in collaboration with Masdar
- Focus on renewable energy projects in the developing world and the global south
- Agreement aligns with the Belt and Road Initiative’s goals for sustainable development
Abu Dhabi, UAE & Baku, Azerbaijan, November 22, 2024: Abu Dhabi Future Energy Company PJSC – Masdar, a global leader in clean energy, has signed a Memorandum of Understanding (MoU) with China’s Silk Road Fund (SRF) to jointly explore renewable energy investment opportunities in Belt and Road Initiative (BRI) countries, with a particular focus on the global south.
The agreement was formalized at COP29, with Masdar CEO Mohamed Jameel Al Ramahi and SRF Chairwoman Zhu Jun representing their respective organizations.
Strategic Partnership for Clean Energy Expansion
The partnership seeks to co-invest in renewable energy projects that Masdar develops, operates, or co-owns, leveraging SRF’s plan to commit up to RMB 20 billion (USD 2.8 billion) in such initiatives.
Masdar’s portfolio spans investments in regions like the Middle East, Central Asia, Southeast Asia, and Africa, all of which feature prominently in the BRI. This partnership supports Masdar’s 2030 strategy to achieve a total renewable energy capacity of 100GW.
On the other hand, SRF’s 7GW renewable energy portfolio across Belt and Road regions underscores its dedication to sustainable growth, supporting the UN Sustainable Development Goals through strategic collaborations.
Statements from Leaders
Mohamed Jameel Al Ramahi, CEO of Masdar, said:
“This partnership brings together two organizations with deep expertise and investments in renewable energy across emerging markets. It represents a major step forward in advancing the global energy transition.”
Zhu Jun, Chairwoman of SRF, commented:
“The UAE’s integral role in the Belt and Road Initiative and its robust relationship with China make this partnership a natural fit. Together, we aim to build a Green Silk Road that supports sustainable energy solutions for decades to come.”
Supporting the Belt and Road Initiative
The BRI aims to enhance connectivity among Asia, Europe, Africa, and other regions through infrastructure and trade networks. As an active partner, the UAE has committed USD 10 billion to a China-UAE investment fund, prioritizing projects in East Africa and beyond.
Masdar’s Sustainability Goals
Since its inception in 2006, Masdar has been pivotal in realizing the UAE’s global sustainability vision. Its operations span over 40 countries, and its 2030 objectives include:
- Reaching 100GW of renewable energy capacity
- Producing 1 million tonnes of green hydrogen annually
This collaboration with Silk Road Fund marks a milestone in global efforts to accelerate the clean energy transition and foster international cooperation under the BRI framework.
