BP, ADNOC and Masdar have signed three agreements with the potential to lead to billions of dollars of investment into clean and low carbon energy, creating potentially thousands of energy jobs.
The first agreement would see the companies collaborate to initially develop 2GW of low carbon hydrogen across hubs in the UK and UAE, with the intention to expand as the project progresses. Access to clean hydrogen – a critical fuel in the decarbonisation of hard-to-abate industries – can reduce emissions, enable new, low carbon products, and unlock future fuels.
The announcement could enable a significant contribution towards the UK government’s target to develop 5GW of hydrogen production by 2030.
It could also lead to the first international investment in the low carbon hydrogen facility in Teesside (H2Teesside), which aims to produce 1GW of blue hydrogen starting in 2027. H2Teesside would capture and store up to two million tonnes of carbon dioxide (CO2) a year through the Northern Endurance Partnership (NEP). The investment is expected to support thousands of jobs and stimulate economic growth. It is also expected to diversify and bolster local supply chains in both the UK and UAE.
Boris Johnson, UK Prime Minister, said: “This is a fantastic investment in the industries of the future, creating high value jobs across the UK as we build back better and greener.”
As part of the first agreement, BP, ADNOC and Masdar also intend to pioneer decarbonised air corridors between the UK and UAE – one of the busiest global air travel routes – further strengthening the commercial and cultural ties between the two countries in a sustainable way.
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