Mubadala steps up clean energy investments in UAE and UK

Abu Dhabi's Mubadala Investment Company is stepping up its clean energy investments in the UAE and UK.

This week it signed an MoU with Snam to collaborate on joint hydrogen investment and development initiatives, exploring potential projects and solutions in the UAE and globally. 

Musabbeh Al Kaabi, CEO of UAE Investments, Mubadala said: "This signing with Snam is an extension of our joint efforts to develop a hydrogen economy for the UAE, and we are committed to advancing the role hydrogen will play to meet future energy demand globally."

Mubadala, whose $232 billion (AED 853 billion) portfolio spans six continents with interests in multiple sectors and asset classes, is set to follow this up by announcing a "multibillion-pound" partnership with the UK to invest in clean energy and infrastructure, technology and health, according to the Financial Times.

The UK is keen to secure investment for green energy projects as it prepares to host the UN COP26 climate change summit in November. 

Last year, Mubadala joined the Investor Group of the Hydrogen Council and formed the Abu Dhabi Hydrogen Alliance, alongside ADNOC and ADQ, to build a substantial hydrogen economy for the UAE.  

The Municipality of Turin, RINA, and Arbolia, a benefit corporation of Snam and the CDP Foundation active in urban forestry, have signed a sponsorship agreement to create a forest of over 2,100 plants in the Sangone Park, in the Mirafiori Sud district. The new green area will help to reduce climate-altering emissions.

Snam4Mobility and Industria Italiana Autobus have started a collaboration to promote sustainable mobility solutions in local public transport, in support of the energy transition.

The collaboration aims to contribute to the progressive decarbonisation of public and private transport by bus in Italy, through a wide range of solutions for the gradual replacement of obsolete vehicles with higher polluting emissions.