The Finance World Magazine| Edition: April 2023

Barakah nuclear power
plant considering Mars
Mission Powered by
Nuclear Energy
The UAE’s burgeoning nuclear
energy program has the potential
to power upcoming space
missions, as nuclear power
has the ability to propel spacecraft
further and for longer durations. The
Barakah nuclear power plant in the
UAE is considering future opportunities
in space exploration. The country’s
Peaceful Nuclear Energy Programme
is not only focused on generating clean
energy, but could also serve as a driving
force for the UAE’s space exploration
ambitions for years to come. Emirati
astronaut Sultan Al Neyadi set to spend
180 days on the International Space
Station alongside crew members from
NASA and Roscosmos.
EDF Renewables eyes UAE energy tenders, says CEO
EDF Renewables, which is a
part of the French utility company
EDF, intends to increase
its presence in the UAE by
participating in future energy tenders
in the country, according to the company’s
CEO, Bruno Bensasson. EDF
Renewables was previously involved
in the third phase of the Mohammed
bin Rashid Al Maktoum Solar Park in
Dubai as part of a consortium led by
Masdar, and it currently holds a 20%
stake in the Al Dhafra solar project in
Abu Dhabi. The UAE is heavily focusing
on renewable energy as part of its
Net Zero by 2050 initiative, and EDF
Renewables aims to double its net capacity
of global renewable energy to
60 gigawatts by 2030.
Eni and ADNOC join forces: Italy-UAE
cooperation agreement signed
Masdar project portfolio
in clean energy hit
$30B
Renewable energy company
Masdar, based in the UAE,
has reached a significant
milestone by surpassing
$30B in its global portfolio of clean
energy projects. The projects have
a combined gross capacity of more
than 20 GW and could reduce carbon
dioxide emissions by up to 30 million
tonnes annually, according to a Green
Finance Framework (GFF) statement.
Moody’s Investors Service gave the
statement its highest rating, SQS1
(Excellent), making it a credible source
for investors. Masdar plans to issue its
first green bond in 2023, guided by its
Green Finance Framework, which will
comply with the best practices in the
sustainable finance industry.
Italian energy company Eni has
partnered with Abu Dhabi National
Oil Co (ADNOC) to accelerate the
energy transition. The two companies
aim to reduce new emissions, enhance
energy security, and promote low-carbon
economic and industrial growth. The
accord was signed during a visit to
the UAE by Italian Prime Minister
Giorgia Meloni, who also met with His
Highness Sheikh Mohamed bin Zayed
Al Nahyan, President of the UAE and
Ruler of Abu Dhabi. The Italian and UAE
governments signed a declaration of
intent on strategic cooperation, while
Italian Foreign Minister Antonio Tajani
signed a declaration of intent on climate
strategy with UAE climate envoy Sultan
Ahmed Al Jaber.
April 2023 www.thefinanceworld.com 41