DUBAI, 24th October 2022 (WAM) – The United Arab Emirates and the United Kingdom have the opportunity to take global leadership in the development of clean hydrogen through extensive cooperation spanning policy, innovation, trade and investment, according to a new report released today.

The report is a joint initiative of the World Green Economy Organization (WGEO) and Zest Associates, a UAE-based sustainability consultancy, with support from HSBC.

The report draws on the views and research of nearly 100 international hydrogen experts to prioritize 39 policy, innovation, investment, infrastructure, supply, demand and skills areas, adding significantly to the global body of knowledge on the subject. The first findings were shared at the World Summit on a Green Economy in 2022.

“We remain committed to achieving the vision and directives of our wise leadership to promote the transition to a green economy. We have an ambitious strategy for the production and use of green hydrogen, which represents one of the pillars of a sustainable future that depends on accelerating the transition to carbon neutrality to support green economy. This research is part of our efforts to support the Dubai Clean Energy Strategy 2050 and the Dubai Net Zero Emissions Strategy 2050 to achieve 100% clean energy generation by 2050,” said Said Mohammed Al Tayer, Chairman of WGEO, an international platform in the UAE that builds coalitions to deliver green economic growth worldwide.

“This report shows how the UAE and the UK can forge a strong partnership to develop the green hydrogen sector. We have seen decisive action and willingness to cooperate from the public and private sectors of both countries, but faster action is needed to fully realize the economic and environmental potential of green hydrogen. This is in line with WGEO’s commitment to the global economic transition through the sharing of global best experiences and practices, which are key pillars of this development.”

It is estimated that by 2050, hydrogen will contribute more than $8.7 billion (AED 32 billion) to the UAE economy annually and $14.8 billion (£13.7 billion) in UK gross value added (GVA), and will create more than 100,000 new jobs in each country. high acceptance scenarios. These opportunities are driving multibillion-dollar investments individually and jointly through bilateral agreements, such as the strategic partnership between bp, ADNOC and Masdar to build low-carbon hydrogen hubs such as H2Teesside in the UK.

“Working together, the UAE and the UK can harness the huge economic potential of hydrogen and lead the global low carbon transition,” said Sabrin Rahman, Managing Director and Head of Sustainability Europe and Middle East at HSBC. “The International Energy Agency estimates that $1.2 trillion in hydrogen investment will be needed by 2030 to reach net zero. At HSBC, we recognize the huge potential of this sector and are working with partners and policy makers to develop the clean hydrogen ecosystem as part of the network. zero future’.

Jeffrey Beyer, managing director of Zest Associates and author of the report, said: “Clean hydrogen is an opportunity to grow and diversify the economies of the UAE and the UK while making progress towards their net zero commitments.”

“The UAE-UK agreement on a common method for measuring hydrogen emission intensity could be the first step towards creating a reliable global standard that ensures hydrogen delivers on its low-carbon promise.”

The report notes existing agreements such as the £10bn (Dh40bn) UAE-UK Sovereign Investment Partnership signed by the UK Investment Authority and Abu Dhabi investment firm Mubadala, or the MoU on Industrial and Advanced Cooperation technologies. The UK’s Department for Business, Energy and Industrial Strategy and the UAE’s Ministry of Industry and Advanced Technology could expand and focus on hydrogen to match the scale of investment needed to achieve net zero.