President Sheikh Mohamed and French leader Emmanuel Macron have witnessed the signing of two major energy agreements in Paris.
The first is a comprehensive strategic energy partnership between the UAE and France, and the second is a strategic partnership agreement between Adnoc and TotalEnergies.
The CSEP focuses on enhancing energy security, affordability and decarbonisation, and progressive climate action before Cop28, which is set to take place in the UAE in 2023, state news agency Wam reported.
The landmark partnership builds on the strong, close and long-standing relations between both countries and leverages the UAE’s position as a responsible and reliable supplier of energy.
The UAE holds the sixth-largest crude oil reserves in the world and is committed to enabling global energy security.
Through a balanced and pragmatic approach to the energy transition, the UAE is expanding its crude oil production capacity to five million barrels per day, while increasing its global renewable energy capacity from 23 gigawatts to more than 100GW by 2030.
The Emirates is also investing more than $50 billion in clean energy projects in six continents, including in 27 climate vulnerable island nations, through Masdar, the Abu Dhabi Future Energy Company, and other UAE platforms.
The agreement was signed by Dr Sultan Al Jaber, UAE Minister of Industry and Advanced Technology, managing director and group chief executive of Adnoc, and chairman of Masdar; Bruno Le Maire, French Minister of Economy, Finance, and Industrial and Digital Sovereignty; and Agnes Pannier-Runacher, French Minister of Energy Transition.
The UAE is represented by the Ministry of Industry and Advanced Technology and the Abu Dhabi National Oil Company, while France is represented by the Ministry of Economy, Finance, and Industrial and Digital Sovereignty, and the Ministry of Ecological Transition.
"The UAE, under the wise leadership of President His Highness Sheikh Mohamed bin Zayed Al Nahyan, continues to consolidate its position as a reliable energy provider and key contributor to global energy security while advancing progressive climate action," said Dr Al Jaber, who is also the UAE climate change envoy.
"France is a close, long-standing strategic partner of the UAE, and this Comprehensive Strategic Energy Partnership provides a robust platform for us to work together to better deliver secure, affordable and sustainable energy required to drive economic growth and prosperity for our countries and the world.
"The landmark agreement deepens the cooperation between our countries across the energy value chain and unlocks technology and energy solutions that are good for the climate and the economy.
"In line with the vision of the UAE’s wise leadership, we will continue to build bridges of partnership across conventional and new energies, as well as capitalise on the economic opportunities of the energy transition, strengthen industrial co-operation and drive sustainable growth."
The UAE is adopting a low-carbon pathway to a high-growth destination and is aiming to accelerate progress on this journey as host of Cop28.
The country was the first in the region to sign and ratify the Paris Agreement, the first to commit to an economy-wide reduction in emissions, and the first to announce a Net Zero by 2050 Strategic Initiative, which it is leveraging as a catalyst for low carbon growth, new technologies, new industries, new skills and new jobs.