The United Arab Emirates and the United Kingdom have the chance to take the lead in the development of clean hydrogen through extensive cooperation encompassing policy, innovation, commerce, and investment, according to a new report.
The World Green Economy Organisation (WGEO) and Zest Associates, a sustainability consulting firm with offices in the UAE, collaborated on the report, which was funded by HSBC.
The report prioritizes 39 areas across policy, innovation, investment, infrastructure, supply, demand, and skills using the research and insights of almost 100 international experts in hydrogen, significantly expanding the body of knowledge on the issue. A preliminary report was presented at the World Green Economy Summit in 2022.
Under high-adoption scenarios, hydrogen is predicted to generate over $8.7 billion (AED32 billion) in annual Gross Value Added (GVA) for the UAE and $14.8 billion (£13.7 billion) for the UK by 2050, as well as over 100,000 new jobs in each nation.
The report notes that existing agreements, such as the £10 billion (AED40 billion) UAE-UK Sovereign Investment Partnership and the Memorandum of Cooperation on Industrial and Advanced Technologies Co-operation between the UK Department for Business, Energy and Industrial Strategy and the UAE Ministry of Industry and Advanced Technology, could be expanded and focused on hydrogen to meet the sca’s goals.
