Masdar and the International Financial Corporation (IFC) have signed a contract to look into potential areas of cooperation to assist climate action for emerging countries.
According to the agreement, Masdar and the IFC will investigate ways to support the creation of a green hydrogen platform for developing nations as well as possible cooperation on bankability and structuring challenges for renewable energy projects in Africa.
In response to the developing climate catastrophe, the framework also addresses developing new technologies and business models in emerging markets. Distributed photovoltaic (DPV) system adoption is also included in this framework.
In a recent analysis by Masdar and McKinsey & Company, the companies predicted that Africa could take up to 10% of the global green hydrogen market, generating up to 3.7 million jobs and $120 billion in additional GDP.
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