BP, Abu Dhabi National Oil Company (ADNOC) and Masdar have teamed up to develop low-carbon hydrogen hubs and create carbon-free air transport corridors between the UK and the UAE as part of an agreement that will see “billions” of investments.
Announced yesterday (September 16), the partnership is made up of three agreements. The first deal will see the companies team up to initially develop 2 GW of low-carbon hydrogen at hubs in the UK and UAE, with the intention of expanding as the market progresses. project progress.
The UK government has a target of 5 GW of hydrogen production by 2030 and the deal has received backing from UK Prime Minister Boris Johnson. He said the deal was “a fantastic investment in industries of the future” and that the UK’s Global Investment Summit later this year “will attract more attractive investments like this to the UK”.
This first agreement also covers the low-carbon air corridors between the United Kingdom and the United Arab Emirates, one of the busiest travel routes in the world.
The second agreement will see BP and clean energy company Masdar explore opportunities to develop, build and operate sustainable energy and mobility solutions for cities in the UK and UAE. These will initially focus on the application of energy and storage efficiency, cleaner fuels and distributed renewable energy production.
In the third and final agreement, BP and ADNOC plan to explore the decarbonization potential of oil and gas operations in Abu Dhabi through carbon capture and storage (CCUS) hubs.
The areas of collaboration align with both the UK government’s 10-point plan for a Green Industrial Revolution and the UAE government’s “50 Principles”, BP said in a press release.
This week, BP hired RWE’s head of renewable energy to replace its outgoing executive vice president of its low-carbon gas and energy division.