DEPARTMENT OF ENERGY
AND CLIMATE CHANGE News Release (2008/010) issued by COI News
Distribution Service. 3 November 2008
Britain has teamed
up with two oil-rich Gulf states to secure a mix of reliable and
green energy supplies for the UK and which could see hundreds of
millions of pounds pumped into the green energy revolution.
The announcements were made during a visit to the Gulf by Prime
Minister Gordon Brown and Energy and Climate Change Secretary Ed Miliband.
They include:
* A Memorandum of Understanding signed today between the UK and
Masdar (the Abu Dhabi Future Energy Company), to develop renewable
energy and low carbon technology such as wind, carbon capture and
storage, as well as solar and marine energy
* A new £250 million partnership between Qatar and the United
Kingdom to help British companies develop groundbreaking clean
green technology, to be run by the Carbon Trust
The agreements form part of the UK's efforts to diversify
its energy supplies and tackle climate change by promoting a
global move towards renewable and low carbon technology.
Prime Minister Gordon Brown said:
"I applaud the vision and leadership which Masdar has shown
in investing in the development and deployment of low carbon
energy technologies. The United Kingdom looks forward to
collaborating with Masdar through this agreement, bringing
together the best of British and Abu Dhabi expertise for the
benefit not only of our two peoples but for the world as a whole."
Energy and Climate Change Secretary Ed Miliband said:
"As every country tackles the twin challenges of energy
security and climate change, both oil producing and oil consuming
nations need to diversify our energy economies. Low carbon sources
- from wind and solar through wave and tidal to carbon capture and
storage - can provide a new engine of global economic growth. So
this partnership represents a significant contribution to our
sustainable prosperity.
"The Gulf's oil and gas will continue to be an
important source of energy for the UK, but with the impending
threat of dangerous climate change and growing global energy
demand, the UK and the rest of the world needs to diversify its
energy supplies.
"These agreements show how Qatar and the UAE are serious
about tackling climate change, diversifying their economies and
providing secure energy supplies for the UK. The Gulf states
recognise the UK too has natural assets, like wind, that offer
investment opportunities for them."
Dr. Sultan Al Jaber, CEO of Masdar, said:
"Securing a sustainable energy future is a challenge that
requires the collaboration of governments, NGOs and corporations
from around the world. This collaboration with the UK Government
is very much in line with our leadership's vision of
cooperating with other governments and organizations from around
the world. The United Kingdom is home to a wealth of expertise in
renewables and today's cooperation agreement heralds a new
era of cooperation with the UK Government in renewable energy and
sustainable technology investment and knowledge transfer that will
benefit both our economies and drive the future growth of the
renewable energy sector globally."
Commenting on the new Qatar-UK Clean Technology Investment Fund
that was signed yesterday Tom Delay, Chief Executive of the Carbon
Trust, said:
"Mitigating climate change will bring a wealth of new
business opportunities as low carbon technologies are developed
and commercialised. This new clean technology fund will put the UK
at the heart of low carbon innovation. By investing in home grown
companies developing cutting edge low carbon technologies it will
enable the UK to benefit commercially from the move to a low
carbon economy".
Details of the agreements are as follows:
* A Memorandum of Understanding between the UK and Abu
Dhabi's Masdar Initiative to work on technologies such as on
and offshore wind, carbon capture and storage, as well as solar
and marine energy. The deal could see millions of pounds being
invested in the UK in renewable energy technology, and follows the
announcement on 16 October that Masdar was to invest in the London
Array offshore wind farm project which when built will be biggest
wind farm of its kind in the world.
* A brand new £250 million partnership between Qatar and the
United Kingdom to develop renewable energy and low carbon
technology. The Qatar-UK Clean Technology Investment Fund will
seek to make venture capital investments in clean energy
businesses primarily located in the UK. The Fund will begin
investing with up to £150m committed from the Qatar Investment
Authority alongside the Carbon Trust's commitment. It will
look for further funding from other investors to bring the maximum
amount to £250m. The fund will be managed by Carbon Trust Investments.
The visit to the Gulf comes ahead of a meeting in December of oil
producing and oil consuming nations, to be chaired by Mr Miliband.
The London Energy Meeting will provide an enhanced dialogue
between producers and consumers on oil and its impacts on the
world economy.
Centrica, the owner of British Gas, has also announced it is to
import its first shipment of LNG into the UK. The cargo was
purchased from Rasgas Company Ltd, the Qatari LNG producer and
will be delivered in November 2008 on one of the world's
largest LNG carriers and the largest gas vessel to call at a
British port. LNG will become increasingly important to the UK as
our own sources of gas decline. LNG enables us to access new and
diverse sources of gas, including from the Middle East.
Notes to Editors
1. The Masdar Initiative is Abu Dhabi's multi-faceted,
multibillion dollar investment in the development and
commercialization of innovative technologies in renewable,
alternative and sustainable energies as well as sustainable
design. Masdar is driven by the Abu Dhabi Future Energy Company
(ADFEC), a wholly owned company of the government of Abu Dhabi
through the Mubadala Development Company. In January 2008, Abu
Dhabi announced it will invest $15 billion in Masdar, the largest
single government investment of its kind. Masdar, which works with
a range of innovative renewable energy companies and utilities, is
continuously searching for investment opportunities.
2. Masdar is also working with a range of top-class UK companies
and institutions including leading architects, Foster &
Partners, the Master Planners of Masdar City, and Imperial College
London, who are a key members of the Masdar Research Network, a
network of universities across the world conducting advanced
research in energy and sustainability technologies. For further4
information on Masdar visit: http://www.masdaruae.com/
3. Further details of the Qatar-UK Clean Technology Investment
Fund can be found here:
http://www.carbontrust.co.uk/News/presscentre/CleanTechnologyFund.htm