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The Abu Dhabi Investment Office (ADIO) has entered into a partnership with Germany-based leading energy technology firm Siemens Energy in order to accelerate the journey to net zero in the UAE and globally.
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Under the partnership, Siemens Energy will receive support to set up its Middle East Innovation Center in Abu Dhabi, as part of ADIO’s $545M (AED 2B) worth Innovation Program that creates growth opportunities for businesses in the emirate. The Innovation Centre will contribute to the UAE’s goals of generating 50GW of renewable energy by 2050 and becoming a global energy center of excellence.
Why it matters
The UAE, which aims to achieve net-zero emissions by 2050, is investing AED 600B in clean and renewable energy projects over the next three decades. It is also exploring new technologies to support its decarbonization push. Both parties have already linked up earlier this year when Abu Dhabi's Hub71 and Siemens Energy joined forces to support the emirate's tech start-ups that are addressing climate change issues.
