The United Arab Emirates (UAE) is a dominant force in the Middle East’s green-finance landscape, driven by strong government commitments, influential sovereign-wealth funds, and clear regulatory frameworks. The market continues to grow in sophistication and volume, reinforced by initiatives following COP28. The country first came on our radar in and around 2008 when it began developing Masdar City, which was to be a zero carbon city. It has become an innovation hub and poster for the country’s sovereign wealth that is investing in cleantech and innovation. As the UAE knows full well, the fossil fuel economy can’t grow innovation or a future once the world reaches peak oil, or peak tolerance for carbon emissions.

Market Leadership and Growth

How does the UAE lead in bond market resilience? The UAE remains a primary source of sustainable bond issuance in the Middle East. While regional issuance saw a slight dip in 2024 due to global economic factors, the market is expected to recover, with S&P Global Ratings projecting USD 18 to 23 billion in total regional sustainable-bond issuance for 2025.

Financial-institution dominance: Financial institutions drive a large portion of the sustainable-bond market in the UAE, while corporate issuances have been more volatile.

Green financing in the UAE focuses heavily on renewable energy, energy efficiency, sustainable real estate, and transportation.

The Catalytic Role of Sovereign Wealth Funds (SWFs)

Leading wealth funds: Abu Dhabi-based entities like Mubadala, ADQ, and Masdar are pivotal in driving the UAE’s green transition.

Masdar’s green bonds:

As a global clean-energy leader, Masdar uses its green bonds to finance greenfield projects in renewable energy, green hydrogen, and battery storage. In May 2025, Masdar’s third USD 1 billion green bond was oversubscribed by 6.6 times, attracting strong international and regional investor interest. The proceeds have been deployed globally, supporting solar, wind, and storage projects. Masdar releases 2024 Green Finance Report.

Masdar City never reached its projected population but it now houses thousands of students, residents, and businesses (e.g., Siemens, IRENA). It’s a functioning R&D and university hub, not abandoned.

The Alterra Fund:

Launched by the UAE at COP28 with a USD 30 billion commitment, Alterra aims to mobilise USD 250 billion by 2030 to finance the new climate economy. It includes a USD 5 billion arm focused on catalysing investment in underserved markets.

ADQ’s strategy:

ADQ embeds ESG principles across its portfolio and has a dedicated Sustainable Finance Framework to guide its investments toward creating a low-carbon economy.

Mubadala’s commitment:

Mubadala integrates sustainability across its investment lifecycle and has committed to achieving net-zero emissions across its global portfolio by 2050.

Regulatory Framework and Transparency

Financial regulators like the Central Bank of the UAE (CBUAE), the Securities & Commodities Authority (SCA), Abu Dhabi Global Market (ADGM), and the Dubai Financial Services Authority (DFSA) have established strong frameworks.

ADGM’s framework: In 2023, ADGM implemented a comprehensive sustainable-finance regulatory framework, including ESG disclosure requirements and regulatory designations for various green financial instruments.

Combating greenwashing: The ADGM framework and SCA regulations aim to mitigate greenwashing by requiring third-party verification, regular reporting and adherence to international standards like the ICMA Green Bond Principles. Because the UAE does not have a history or culture of free press, we cannot verify how those international standards will be monitored and supervised.

UAE Sustainable Finance Working Group: The SFWG, which includes federal regulators, is actively developing a nationwide taxonomy and pushing for enhanced sustainability disclosures. International third parties, without monetary stakes must be involved in supervision of policies and procedures.

Forced disappearances, the lack of worker rights, and lack of human rights questions how the UAE will be able to disclose, monitor and support green frameworks which include these standards at the core. Cross-dressing and homosexuality is illegal in the UAE.

Initiatives for a Sustainable Transition

The UAE continues to rollout frameworks such as the UAE Energy Strategy 2050 in support of its transition to a green economy.

Carbon market: In 2022, ADGM launched the world’s first regulated carbon-credit trading exchange, the AirCarbon Exchange (ACX).

Capacity building: Forums such as the Abu Dhabi Sustainable Finance Forum and educational initiatives from ADGM are building awareness and expertise in sustainable finance.

Green Finance Mechanisms and Models in the UAE: A Strategic Blueprint for a Sustainable Economy

The UAE is rapidly cementing its position as a global leader in green finance, moving beyond its traditional role as an oil-dependent economy to become a hub for sustainable investment. A sophisticated mix of regulatory frameworks, strategic investments by sovereign wealth funds and innovative financial instruments is driving this transition. Backed by ambitious targets like the UAE Net Zero 2050 Strategic Initiative, the country has built a robust ecosystem for financing a green economy.

Sovereign Wealth Funds: The Primary Catalysts

At the heart of the UAE’s green finance strategy are its influential SWFs, which are transitioning from traditional capital allocators to strategic enablers of sustainable finance. Their long-term investment horizons make them ideal for funding large-scale, capital-intensive green projects.

The Alterra Fund, launched with a USD 30 billion seed at COP28, aims to mobilise USD 250 billion by 2030 for global climate action. It has a unique two-part structure, including a USD 5 billion arm dedicated to de-risking investments in the Global South.

Masdar, owned by ADNOC, TAQA and Mubadala, is a global catalyst for sustainable development. It has been instrumental in issuing green bonds and scaling clean-energy projects internationally.

Masdar is the the UAE’s flagship renewable energy company. Compare it to Neom in Saudi Arabia. Masdar has become one of the world’s most active clean energy investors, with projects in more than 40 countries across six continents. Established in 2006 and jointly owned by ADNOC, Mubadala, and TAQA, Masdar operates and develops solar, wind, and green hydrogen projects with a current portfolio exceeding 50 gigawatts of capacity. Masdar also buys companies, and bought a 50% stake in the US business Terra-Gen last year. While the sum was not disclosed, it’s estimated to be a deal worth $500 Mllion

The company’s ambition is to reach 100 GW of installed renewable capacity and produce one million tonnes of green hydrogen annually by 2030. Its projects stretch from the deserts of Abu Dhabi to the steppes of Uzbekistan, where Masdar is developing multi-gigawatt wind farms, and to the Philippines, where it has signed a $15 billion deal for solar, wind, and battery storage projects.

In Europe, Masdar has expanded into Spain and Portugal through the acquisition of a large wind and solar portfolio, while in Africa and island nations like Seychelles it supports off-grid solar and microgrid systems. Domestically, its Shams 1 solar plant remains a regional landmark. Collectively, Masdar’s projects generate more than 26,000 GWh of clean power each year, offsetting around 14 million tonnes of carbon emissions, and symbolizing the UAE’s broader ambition to lead the global clean energy transition.

Innovative financial instruments for foreign investment

The UAE has adopted and adapted a variety of financial instruments to channel capital toward sustainable projects, leveraging both conventional and Islamic finance models.

Sustainable bonds and sukuk: Issuances of green and sustainability-linked bonds and sukuk are foundational to the UAE’s green-finance market. For example, corporate green sukuk were used to fund green commercial buildings. Private sector green sukuk in UAE to incentivise green commercial buildings.

Blended finance: UAE financial institutions, supported by the UAE Banks Federation’s pledge of AED 1 trillion toward green finance by 2030, are increasingly applying blended finance models to attract private capital for sustainable projects.

Carbon-credit trading: The ADGM-based AirCarbon Exchange turns emissions reductions into tradable financial assets, creating a new frontier of green-finance innovation.

Regulatory frameworks

Robust and proactive regulation from both financial free zones and federal bodies is essential for building investor trust and mitigating green-washing risks.

ADGM: A free-zone regulator that now offers regulatory “labels” for Green, Climate Transition and Sustainability-Linked funds and mandates ESG disclosures.

DIFC: The Dubai International Financial Centre runs its own Sustainable Finance Framework and recently launched a Sustainable Finance Catalyst, an AI-driven platform to boost sustainable-finance investment flows.

Federal coordination: The Sustainable Finance Working Group (SFWG) is finalising a national green taxonomy and enhancing ESG-reporting standards.

While the UAE’s green-finance landscape is advanced, significant challenges remain. A unified national green taxonomy is still in development, regulatory differences persist between mainland and free-zone jurisdictions, and data transparency and capacity building remain work-in-progress. Nevertheless, major growth opportunities lie ahead, including:

• Increased focus on green infrastructure beyond renewable energy—such as water and waste management.
• Green fintech platforms and climate-technology innovation environments.
• Improved ESG data-quality and disclosure frameworks, enabling more informed investment decisions.
• Investing in the UAE gives investors close access to Asian markets.

With its religious tolerance policy and a current embrace of western culture, despite practicing Sharia law, UAE’s green-finance model is dynamic and forward-looking — built on a foundation of sovereign wealth, regulatory sophistication and market-driven innovation. This multi-pronged approach not only underpins its own national climate ambition, but positions the UAE as a critical engine for mobilising global climate-finance flows into the sustainable economy of the next decade. It is certainly leading the green financing market by far in the Middle East, in practice and action.

Zakat, taxes and cultural surprises in the UAE

Beyond finance-instruments and regulation, investors and companies operating in the UAE should be aware of several cultural, religious and tax-related “surprises.”

Zakat is a Muslim duty: Though the UAE does not officially mandate zakat under federal law, many Muslim-owned businesses voluntarily observe it as a religious obligation. Typical calculation is about 2.5 % of eligible wealth (cash, inventory, receivables) after deducting liabilities. And of course, there are regulations, lawayers and advisers in this space: see Zakat advisory & compliance services in the UAE.

If you want to live in the UAE and raise a family there, it’s not easy to become a citizen: Non-Muslims can become citizens of the United Arab Emirates, but the process is highly selective and tightly controlled. Traditionally, UAE citizenship was reserved almost entirely for Emiratis by birth. However, since 2021, the UAE has introduced special pathways for foreigners with exceptional contributions to the country. Citizenship if granted, is mostly symbolic. They don’t have an open-immigration process for the millions of laborers who come there from Pakistan or India. Unlike, Canada.

Also, learn about why Muslims don’t drink alcohol. And how to behave as a foreigner in Dubai.

Taxes: While the UAE is known for having no personal income tax, and a certain kind of tax freedom, it does levy other taxes and fees:

• Value-Added Tax (VAT) at a standard rate of 5% on most goods and services. Official UAE taxation portal.
• Corporate Tax (CT): As of 1 June 2023 for qualifying businesses, a standard rate of 9% on taxable income exceeding AED 375 000. KPMG corporate tax overview.
• Additional levies: Municipal taxes on rental contracts, hotel services, and selective “excise” taxes on certain goods (e.g., energy drinks, tobacco). See: TAXATION OF INTERNATIONAL EXECUTIVES – UAE guide.

Cultural surprises:

• Business relations in the UAE are still heavily influenced by personal trust, relationship-building, and local customs. Respect for Islamic tradition, Friday prayer schedules and Ramadan timing remain very important important if you are doing business there. Things which are normal at home, may not be acceptable in the UAE, like having cannabis in your blood or using CBD oil. If you come on an official visit, invited by a person of power of influence you should be fine.
• Operational licence regimes differ across emirates and free-zones: rules can vary between Dubai, Abu Dhabi and other emirates so on-the-ground due diligence is critical.
• The regulatory framework for green finance is young and evolving — local interpretation of “green” or “sustainable” may still diverge from global norms, so verification and local partner-insight matter.

Further reading on Green Prophet:

1. Arab Energy Fund commits $1 billion to energy transition and decarbonization
2. World Green Economy Summit 2025: Sandeep Chandna’s mission to make sustainability core to business strategy
3. The history and promise of geological hydrogen for fuel
4. $100 million USD fund unites Arab Gulf and Israel (cleantech investments)
5. Abu Dhabi’s Masdar buys 50% stake in American renewables Terra-Gen
6. The Future of Energy: Nuclear Realism vs. Solar Idealism
7. The wind farms of the Middle East

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As discussions about Gaza’s future unfold, one thing is clear: rebuilding must be done sustainably and inclusively. The sheer scale of destruction presents both a challenge and an opportunity—one that demands a forward-thinking approach rather than short-term, profit-driven solutions.

A logical starting point for reconstruction is utilizing the vast amount of rubble already present. Recycling this debris into new building materials is not just an environmentally responsible choice but also an efficient and cost-effective solution. Infrastructure companies specializing in sustainable urban development should be incentivized to establish operations in Gaza, creating jobs and stimulating local economic growth. This approach would ensure that rebuilding is not only rapid but also resilient, reducing dependency on costly imports.

U.S. President Donald Trump has called attention to Gaza’s potential as valuable real estate, given its prime coastal location. However, a luxury-driven redevelopment strategy risks exacerbating inequality rather than fostering long-term stability. If rebuilding efforts focus solely on high-end properties, ordinary Gazans—who have already suffered immense losses—could find themselves permanently displaced.

A more sustainable approach would prioritize mixed-income housing, ensuring that new developments are accessible to a broad range of residents. Investment in public infrastructure, schools, and renewable energy sources would help create a thriving, self-sustaining community rather than an exclusive enclave for the wealthy.

Rebuilding Gaza cannot happen in a political vacuum. Any reconstruction plan must align with agreements between Israel and whatever governing body takes control after Hamas. Israel has made it clear that it will not accept a Hamas-led Gaza, and the formation of a new leadership structure will be a decisive factor in how reconstruction proceeds.

Related: Trump could use these sustainable technologies to rebuild Gaza

This governing body must play an integral role in urban planning, ensuring that development aligns with the needs of Gaza’s residents rather than external interests. International collaboration—including partnerships between governments, NGOs, and sustainability experts—will be key to ensuring a stable and inclusive future.

Given the likelihood of a buffer zone along Gaza’s border, an innovative approach could be to transform this space into a greenbelt. Many cities worldwide have successfully implemented green zones that serve as ecological buffers while also benefiting urban populations. A well-planned greenbelt could provide environmental benefits, support agriculture, and even serve as a shared space between Gazans and Israelis—turning a divisive border into an area of mutual sustainability.

About the author:

Batel Spivack completed her MA in Environmental Studies with a focus on urban sustainability at Tel Aviv University’s Porter School and has a BA in Political Science from Stern College Yeshiva University. She has been living in Israel for over 20 years and grew up in the USA.

Batel works for the Jerusalem Green Fund where she directs a center for sustainability for the Ultra-Orthodox community, coordinates the Sustainable Jerusalem Lobby which aims to set a sustainable agenda for the city while being heavily involved in urban development on a grassroots level with residents from all sectors.

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Last year 2023 saw the highest ever increase in renewable energy jobs, from 13.7 million in 2022 to 16.2 million, according to the newly released Renewable Energy and Jobs – Annual Review 2024 by the International Renewable Energy Agency (IRENA) and the International Labour Organization (ILO). The 18% year-on-year leap reflects the strong growth of renewables generating capacities, together with a continued expansion of equipment manufacturing.

A closer look at the report’s data, however, shows an uneven global picture. Close to two-thirds of new global solar and wind capacity were installed in China alone last year. China leads with an estimated 7.4 million renewable energy jobs, or 46% of the global total. The EU followed suit with 1.8 million, Brazil with 1.56 million, and the United States and India, each with close to 1 million jobs.

As in the past few years, the strongest impetus came from the rapidly growing solar photovoltaics (PV) sector, which supported 7.2 million jobs globally. Of these, 4.6 million were in China, the dominant PV manufacturer and installer. Enabled by significant Chinese investments, Southeast Asia has emerged as an important export hub of solar PV, creating jobs in the region.

Liquid biofuels had the second-largest number of jobs, followed by hydropower and wind. Brazil topped the biofuels ranks, accounting for one third of the world’s 2.8 million jobs in this sector. Soaring production put Indonesia in second, with a quarter of global biofuels jobs.

Due to a slowdown in deployment, hydropower became an outlier to the overall growth trend, with the number of direct jobs estimated to have shrunk from 2.5 million in 2022 to 2.3 million. China, India, Brazil, Vietnam and Pakistan were the largest employers in the industry.

In the wind sector, China and Europe remain dominant. As leaders in turbine manufacturing and installations, they contributed 52% and 21% to the global total of 1.5 million jobs, respectively.

Africa’s impact still small

Despite a great promise from Desertec, bringing solar power from Africa to Europe, Africa’s impact is still small. Africa continues to receive only a small share of global renewables investments, which translated into a total of 324,000 renewables jobs in 2023.

For regions in urgent need of reliable and sustainable energy access like Africa, and especially in remote areas, decentralised renewable energy (DRE) solutions–stand-alone systems that are not connected to the utility grids–present an opportunity to both plug the access gap and generate jobs. See Innovation: Africa. Removing barriers for women to start entrepreneurship initiatives in DRE can stimulate the sector, resulting in improved local economies and energy equity.

Acknowledging the high degree of geographic concentration, Francesco La Camera, IRENA Director-General, said, “The story of the energy transition and its socio-economic gains should not be about one or two regions. If we are all to fulfil our collective pledge to triple renewable power capacity by 2030, the world must step up its game and support marginalised regions in addressing barriers impeding their transitions progress. Strengthened international collaboration can mobilise increased finance towards policy support and capacity building in countries that are yet to benefit from renewables job creation.”

To meet the energy transitions’ growing demand for diverse skills and talents, policies must support measures in favour of greater workforce diversity and gender equity. Representing 32% of the renewables total workforce, women continue to hold an unequal share even as the number of jobs keeps rising. It is essential that education and trainings lead to diverse job opportunities for women, youth, and members of minority and disadvantaged groups.

“Investing in education, skills, and training helps reskill all workers from fossil fuel sectors, address gender or other disparities, and prepare the workforce for new clean energy roles. It is essential if we are to equip workers with the knowledge and skills that they need to get decent jobs, and to ensure that the energy transition is a just and sustainable one. A sustainable transition is what the Paris Agreement requires of us, and what we committed to achieving when we signed up to the Agreement,” explained ILO Director-General, Gilbert F. Houngbo.

This 11th edition of the Annual Review is part of IRENA’s extensive analytical work on the socio-economic impacts of a renewables-based energy transition. This edition—which is the 4th edition developed in collaboration with ILO–underscores the importance of a people- and planet-centred approach to achieve a just and inclusive transition.

It calls for a holistic policy framework that goes beyond the pursuit of technological innovation to rapidly meet the tripling target at the lowest-possible cost, and prioritises local value creation, ensures the creation of decent jobs, and builds on active participation by workers and communities in shaping the energy transition. Building on its expertise on the world of work, the ILO contributed the report’s chapter on skills.

The report is found here.

IRENA or The International Renewable Energy Agency is an intergovernmental organization, founded in 2009, and mandated to facilitate cooperation, advance knowledge, and promote the adoption and sustainable use of renewable energy. It is based in Masdar City, UAE.

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The Abu Dhabi Future Energy Company known as Masdar in the UAE has bought a 50 percent stake in Terra-Gen, one of the largest independent renewable energy producers in the United States, from Energy Capital Partners. Masdar is the same company that created the ambitious but failed zero-energy city outside of Abu Dhabi.

ECP is one of the largest private investors in power and renewable assets in the United States says it has fully exited its position in Terra-Gen in connection with the closing of the transaction. Igneo Infrastructure Partners, a global infrastructure investment manager, retains its existing 50 percent stake in Terra-Gen.

Representing one of Masdar’s largest transactions to date (find some of its recent deals featured here on Green Prophet), the deal further cements Masdar’s move into the US market, which it first entered in 2019. It also partnered with the EU to release green bonds in 2020.

Before the Terra-Gen acquisition, Masdar’s US portfolio of utility scale wind, solar and storage assets had a generating capacity of more than 1.4GW.  The US market and Terra-Gen’s scalable platform will play important roles as Masdar executes its plan to build 100GW of capacity in its global renewable energy portfolio by 2030. Also it is important for the UAE to develop strong business ties with the west as it looks to distance itself from unstable regimes such as the Iranian Islamic Republic, and countries like Turkey which are aligning with Russia in energy production such as nuclear.

While Qatar funds terror and unrest, the UAE has become a partner that the west can trust.

Terra-Gen’s gross operating portfolio currently comprises 3.8GW of wind, solar and battery storage projects, including 5.1GWh of energy storage facilities across 30 renewable power sites throughout the US, predominantly in California and Texas.

Terra-Gen is currently developing more than 12GW of wind, solar and battery storage projects in the US, with its projects in California, Texas and New York, including a 386MW of Texas wind and California solar project, and 512MWh of California energy storage facilities, with commercial operations anticipated in 2025.

Sultan Al Jaber, the UAE Minister of Industry and Advanced Technology,  Chairman of Masdar, says: “The UAE and U.S. have long been partners in efforts to advance clean energy, a collaboration culminating in the Partnership for Accelerating Clean Energy (PACE) agreement.

“Masdar has a strong track record of supporting US renewable energy projects, and the acquisition of Terra-Gen reaffirms this long-standing commitment. We are now on target to surpass our goal of having 10GW of integrated renewable generation capacity in the US by 2030.

Mohamed Jameel Al Ramahi, the CEO of Masdar says: “Terra-Gen’s experienced management team and scalable platform make it the ideal partner, as we work to increase our presence and investment in the US as part of Masdar’s commitment to a long-term strategy in this important market.”

Masdar’s commitment to the US market reflects the UAE’s strong ties to the country. In January 2023, UAE and US officials announced that US$20 billion will be allocated to fund 15GW of clean energy projects in the US before 2035, led by Masdar and a consortium of US private investors, under the Partnership for Accelerating Clean Energy (PACE) between the two countries. Earlier this year Microsoft invested $1.5 Billion USD to co-develop AI with G42, a UAE based company now working with Nvidia to build weather forecasting models to combat climate change with AI.

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The Emirate of Sharjah oil and gas industry leader, Sharjah National Oil Corporation (SNOC) of the United Arab Emirates, and Emerge Limited, a joint venture between Masdar and the EDF Group, celebrated a significant milestone today with the groundbreaking ceremony for the largest solar installation in Sharjah to date. EDF is for Électricité de France SA, commonly known as EDF,  a French multinational electric utility company owned by the government of France.

The 60MWp ground-mounted solar PV plant, located at SNOC’s Sajaa Gas Complex, will generate enough clean energy to offset 66,000 tons of CO2 emissions annually, equivalent to removing more than 14,600 cars from the road each year.

The project supports SNOC’s commitment to decarbonization and its goal of achieving net-zero emissions by 2032. It will significantly decrease SNOC’s dependence on traditional fossil fuels for its operations and provide a cost-effective source of clean energy.

The project aligns with the United Arab Emirates’ ambitious Net-Zero 2050 strategy. By promoting renewable energy sources, this initiative contributes to the UAE’s transition towards a more sustainable, environmentally conscious future for Sharjah and the wider region.

The UAE Net Zero by 2050 strategic initiative is a national drive to achieve net-zero emissions by 2050, making the Emirates the first Middle East and North Africa (MENA) nation to do so. The initiative aligns with the Paris Agreement, which calls on countries to prepare long-term strategies to reduce greenhouse gas (GHG) emissions and limit the rise in global temperature to 1.5 C compared to pre-industrial levels.

SNOC Chief Executive Officer, Hatem Al Mosa, said “SNOC is happy to witness this significant milestone on its path to achieve Net-Zero by 2032 across its own operations and to support the Emirate of Sharjah’s sustainability agenda and commitment to protecting the environment.”

Michel Abi Saab, Emerge General Manager, said: “This project will empower SNOC to achieve its decarbonization goals, and also to secure a more cost-effective energy future for the Emirate as a whole.”

Emerge will handle the entire project lifecycle under a Build-Own-Operate-Transfer (BOOT) agreement. This includes financing, design, procurement, construction, operation, and maintenance of the solar modules for a period of 25 years.

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French energy giant EDF have made an investment in agRE.tech, a pioneering startup in the Agrivoltaic sector

The company has completed a pre-seed fundraising round, securing approximately $2 million USD for the development of an advanced robotic operating system tailored for agrovoltaic fields.

The start-up agRE.tech is pioneering the development of advanced robotics technology and artificial intelligence for use in agriculture and climate management. This innovative approach addresses manpower challenges in agriculture, increases productivity, and supports the global goals of large-scale green energy such as solar energy production within the same agricultural areas.

This fundraising round saw notable contributions from key players in the economy, including Zemach Mifalim (Zemach Regional Industries) and EDF. Zemach Mifalim, a co-initiator of agRE.tech, leads the way through the “Kinneret Innovation Center,” specializing in climate and agriculture.

EDF, the French Energy giant, brings its international expertise in energy to the project, furthering the vision of leveraging agricultural spaces for green energy production.

Over the past year, agRE.tech has been dedicated to developing an advanced robotic operating system tailored for agrivoltaic areas. This system, integrated into existing photovoltaic infrastructure, utilizes artificial intelligence to execute complex agricultural tasks autonomously, such as selective spraying, pruning, and harvesting. Additionally, it oversees the control and maintenance operations of the solar fields.

CEO and co-founder Elad Levy brings a wealth of experience in robotics, having previously served as Founder & CEO of Roboteam, a company with thousands of robotic systems deployed worldwide. Elad leads the team alongside Yaniv Marmur, a seasoned expert in multidisciplinary systems engineering, serving as CTO. The company has filed several patents in the field and has already established a development field above a vineyard where its robotic operating system is operational.

The Agrivoltaics market, which combines solar energy production with agriculture, presents a $4 billion opportunity. agRE.tech is poised to accelerate and expand this market to tens of billions of dollars with its groundbreaking technology.

agRE.tech is currently in the advanced stages of establishing the first commercial fields with integrated robotic capabilities in both local and international markets, including Italy, where a significant budget of 1.7 billion euros has been allocated for grovoltaic projects.

“After over a decade in defense and civil robotics, we identified climate and agriculture as burgeoning fields where we can contribute to global efforts addressing the climate crisis and food security,” says Elad Levy, CEO of agRE.tech. “The convergence of these sectors presents immense potential for technological and business innovation. It’s a great honor for us to have esteemed companies like EDF and Zemach partnering with us to spearhead the robotic agrivoltaic sector and pave the way for a sustainable future for all”

EDF, with an installed capacity of approximately 137GW and an installed solar capacity of over 3,000MW, is a frontrunner in renewable and solar energy. The company invests heavily in international research and development in the agrivoltaic field, anticipating significant growth in the coming years.

Just recently EDF invested in the The Dumat Al-Jandal wind farm with a capacity of 400MW, stands as a pioneering endeavor in Saudi Arabia’s renewable energy landscape in an ancient land. It’s Saudi Arabia’s first wind farm. At 400MW, it is the largest wind farm in the Middle East, displacing almost one million tonnes of CO2 annually.

Developed by a consortium led by EDF Renewables (51%) and Masdar (49%), with the client being Saudi Aramco this project not only marks the kingdom’s inaugural utility-scale wind power initiative but also ranks among the largest wind farms in the Middle East.

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Dublin based HT Materials Science (HTMS) has developed a breakthrough energy savings solution called Maxwell that can slash operating costs, increase system capacity in new and existing builds and offer carbon credits

Water is the universal heat transfer fluid for commercial and industrial HVAC systems. While water is plentiful and cheap there are additives to water which can improve its thermal capacity and that’s the elegant and planet-smart idea from Irish-Italian company HT Materials Science based in Dublin, Ireland.

HTMS has developed a heat transfer fluid branded Maxwell to increase the thermal capacity of water –– allowing it to store up to 20% more energy than water alone. At only a 2% additive to water,  Maxwell can provide up to a  20% increase in performance and reduce greenhouse gas emissions in no small way. 

HT Materials Science was founded in 2018 to develop a heat transfer fluid for commercial and industrial HVAC markets. Among its investors are Saudi Aramco Energy Ventures, which led a €15M Series A round in 2021, and Barclays Bank, via its Sustainable Impact Capital portfolio.

Maxwell shows how small breakthroughs in science contribute to the advance of meeting renewable energy goals in big ways. The usual payback for clients who install the fluid is approximately 3 years. 

Maxwell is non-toxic and non-corrosive with a useful life of about 10 years. Data centers, hospitals, commercial real estate and manufacturing facilities are the company’s main target sectors. Maxwell is applicable to all closed loop HVAC systems generally serviced by chillers, water source heat pumps, energy recovery systems. 

HT Materials Science CEO Tom Grizzetti tells Green Prophet: “There has certainly been development activity in heat transfer fluids over the last decade-plus. However, the combination of product stability, proven performance and client engagement has been elusive. 

“With Maxwell, a multi-patented product, we bring to market a solution that was developed to satisfy both the science and the business sides of the equation. These efforts have resulted in a stable product with provable performance and ultimately significant client engagement,” he adds.

Maxwell is an engineered suspension of sub-micron aluminum oxide particles in a base fluid of water or water/glycol (that last part is significant since it means Maxwell can be used in systems that use either water or glycol as their base fluid)—resulting in reduced energy use, emissions, maintenance and costs; and an increase in system capacity. 

Same temperature, less energy

Consider that heating and cooling are attributed to almost half of our planet’s energy consumption, and about 40% of carbon dioxide and equivalent carbon emissions. 

Among HT Material Science’s first industrial clients is the German based alumina producer Almatis. By installing Maxwell into the plant’s cooling  system, HTMS increased the system capacity by up to 20% while increasing operational output.

The company recently earned a Green Product Award for its work at a facility owned by Johnson & Johnson and for its project with Tabreed at a 600,000 square-foot campus in Abu Dhabi. Tabreed provides cooling services for Samsung, UAE malls, and a geothermal system at Masdar. 

HT Materials Science is on a mission looking to expand throughout the Middle East as countries like the UAE and Saudi Arabia develop manufacturing and technology parks to keep production facilities like electric cars close to home. 

Maxwell is a pretty neat fluid that will be a game changer for carbon accounting globally. 

For more, see HT Materials Science

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Masdar, a renewable energy investor and also the name of the zero-energy town outside of Abu Dhabi is buying a Greek renewable energy company Terna Energy for the equivalent of 3.2 Billion Euros, equal to about 67% of the company’s outstanding shares at completion of the transaction. Masdar plans to launch an all-cash mandatory tender offer to acquire all the remaining outstanding shares of the company with the intention of reaching 100%.

It is the largest ever energy transaction on the Athens Stock Exchange, and one of the largest in the European renewables market.

The deal is expected to provide significant capital investment in Greece and other European countries, supporting Terna’s contribution to Greece’s National Energy and Climate Plan (NECP) and the EU’s net zero by 2050 target. The proposed acquisition demonstrates the scale and ambition of Masdar’s growth plans in the region, and further solidifies Masdar’s role as a trusted global energy transition partner to governments, investors, developers and communities across the globe.

“We are injecting capital and global expertise to accelerate Terna Energy’s expansion, supporting Greece’s renewable energy ambitions and extending Masdar’s global reach.

“We look forward to completing the transaction and starting to work with Terna Energy’s leadership team to supercharge their ambitious growth plans in support of Greece’s energy transition,” says Mohamed Jameel Al Ramahi, Chief Executive Officer of Masdar.

Established in 1997, Terna is a leading European clean energy platform, with a track record of more than 25 years of delivering innovative and sustainable projects. The company specializes in financing, developing, constructing and operating renewable energy facilities, focused on wind, solar, hydroelectric and pumped storage projects.

The company has recently announced its growth plan targeting renewable energy operational capacity of 6GW by 2030. With a strong portfolio of projects in Greece and Europe, Terna is the largest investor in the renewables energy sector in Greece.

Masdar has retained Rothschild & Co. as sole financial advisor, and Simmons & Simmons, Bernitsas Law, Latham & Watkins as legal advisors, in connection with the transaction and financing.

Terna Energy is a Greek renewable energy company that is listed on the Athens Exchange. The company is a subsidiary of Greek conglomerate GEK Terna, which through its subsidiary Heron SA is as well involved in the construction and operation of thermoelectric power generation fuelled with natural gas.

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Emerge, a joint venture between the UAE’s Masdar and France’s EDF Group, has announced the successful energization of two high-profile solar photovoltaic projects on Yas Island at Yas Marina Circuit and Yas Bay Waterfront, Abu Dhabi’s vibrant day-to-night dining, entertainment and leisure destination.

The 1 megawatt peak (MWp) solar car park at Ethara’s Yas Marina Circuit, home to the Formula 1 Etihad Airways Abu Dhabi Grand Prix, will generate approximately 30 percent of Yas Marina Circuit’s total annual energy demand, equivalent to powering nearly 200 Abu Dhabi households and offsetting 900 tonnes of CO2 emissions a year.

Under its agreement with the venue’s operator, Ethara, Emerge has installed more than 1,800 solar modules across the car park of the track of the Marina Circuit, which holds a capacity of 60,000 spectators, delivering a comprehensive turnkey solution for the project, including finance, design, procurement, construction, operations, and maintenance for 25 years.

The 520kWp Yas Bay Waterfront development for Miral involved the installation of over 900 solar modules, equivalent to powering around 100 Abu Dhabi households and offsetting 425 tonnes of CO2 emissions a year. The solution included finance, design, procurement and construction and Emerge will operate and maintain the solar modules.

Jonathan Brown, Chief Portfolio Officer at Miral, said: “This project is a testament of our commitment in further positioning Yas Island as a top global destination for entertainment and leisure, while consistently priorisiting sustainable practices.”

Hesham Al Jneibi, Yas Marina Circuit and Etihad Park General Manager, said: “We are keen to play our part in supporting the wide-scale sustainability efforts of the UAE, and we are focused on setting the new standard for responsible event and venue management through collaboration in the region.”

Michel Abi Saab, General Manager, Emerge, said: “The energization of these two solar projects on Yas Island shows the commitment by Miral and Ethara to sustainability and to minimizing their environmental footprint. These projects will deliver high-quality and reliable clean energy to Abu Dhabi’s race circuit and to one of its premier entertainment destinations, which attracts millions of visitors from home and abroad. The successful implementation of our projects demonstrates the compelling case for installing renewable energy projects at entertainment sites in the UAE.”

Yas Bay Waterfront is the third collaboration between Miral, the leading creator of immersive destinations and experiences in Abu Dhabi, and Emerge. In March 2023, Miral inaugurated Abu Dhabi’s largest solar rooftop project at Warner Bros. World Abu Dhabi, with an impressive 7-megawatt peak (MWp) capacity.

The project incorporates approximately 16,000 solar modules across the theme park’s roof area of 36,000 square meters and produces nearly 40 percent of its annual energy demand.

Emerge has also deployed on-site solar energy systems at the SeaWorld Abu Dhabi theme park, which has a capacity of 8.4 megawatts (MWp) and is scheduled to be commissioned during the second quarter of 2024.

Emerge, a joint venture between Masdar and EDF Group, was formed in 2021 to develop distributed solar, energy storage and hybrid solutions for commercial and industrial. As an energy services company, Emerge offers clients full turnkey solutions through solar power agreements and energy performance contracting at no upfront cost to the client.

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The World Bank, Abu Dhabi’s Masdar, and the Government of Uzbekistan have signed a financial package to fund a 250-megawatt (MW) solar photovoltaic plant with a 63-MW battery energy storage system for commercial scale battery storage. The project aims to expand clean and reliable electricity access to approximately 75,000 households.

The project marks Central Asia’s first renewable energy initiative with an integrated BESS battery component. Introducing the innovative BESS component will improve the efficiency and flexibility of the power system, providing greater security of supply and helping to mitigate the intermittency of renewable generation.

The financing package includes up to $53 million loan from IFC and loans for up to $106 million from the Asian Development Bank (ADB), Dutch Entrepreneurial Development Bank (FMO) and Japan International Cooperation Agency (JICA). The financing will support the construction and operation of the new plant. IFC will also provide interest rate swaps for the entire debt amount, allowing the project to effectively manage interest rate risks.

Read Related: Uzbekistan smart hydroponic greenhouses go digital

The World Bank is providing a guarantee of up to $12 million to support the government’s payment obligations under the project. The investment package also includes blended finance support in the form of concessional senior loans of $20 million each from the Canada-IFC Blended Climate Finance Program and ADB-managed Leading Asia’s Private Sector Infrastructure Fund (LEAP).

The solar power plant, which will be constructed in the Alat district of the Bukhara region, is projected to cut over 327,000 metric tons of CO2 emissions annually by generating more than 585 gigawatt hours of renewable energy per year.

To address the increasing demand for energy in Uzbekistan’s economy and among its citizens, the government aims to scale up renewable energy generation by up to 25 GW, or 40 percent of the country’s overall electricity consumption, by 2030. These efforts support the country’s clean energy transition and decarbonization, as well as its economic growth. In this context, the World Bank Group is helping Uzbekistan develop 2,000 MW of solar and 500 MW of wind energy by attracting private sector investments.

Read Related: World Bank offers Turkey $1 billion financing in renewables.

The solar power plant project will be implemented through a project company Nur Bukhara Solar PV LLC FE owned by Masdar, which is responsible for developing, financing, building, owning, operating, and maintaining the solar plant and BESS.

The project company is committed to selling electricity to the state-owned National Electric Grid of Uzbekistan JSC under a 25-year Power Purchase Agreement for the project, including a 10-year operating term for the BESS component, signed by these two entities.

The World Bank and IFC have been providing guarantees, financing, advisory, and technical assistance support to the government for launching several plants, including a 100MW solar power plant in the Navoi region (operational since 2021), 440MW solar power plants in Samarkand and Jizzakh regions (under construction), and the first 500-MW wind power plant in the Navoi region. They have recently offered Turkey an incredible $1 billion in incentives despite Turkey housing Hamas terrorists.

With the new project to be implemented in Bukhara region, the renewable energy generation capacity supported by the World Bank Group’s operations will increase to about 1.3 gigawatts.

About the Canada-IFC Blended Climate Finance Program

The Canada-IFC Blended Climate Finance Program aims to mobilize private capital for global climate action and reflects Canada’s commitment under the 2015 Paris Agreement to support developing countries in their transition to sustainable and resilient low-carbon economies. In 2021, Canada doubled its international climate finance commitment to $5.3 billion over the next five years.

About Masdar

Established in 2006, Masdar based in the United Arab Emirates has developed and partnered in projects in over 40 countries, helping them to achieve their clean energy objectives and advance sustainable development. Masdar is jointly owned by Abu Dhabi National Oil Company (ADNOC), Mubadala Investment Company (Mubadala), and Abu Dhabi National Energy Company (TAQA), and under this ownership, the company is targeting a renewable energy portfolio capacity of at least 100 gigawatts (GW) by 2030. The company built a model zero-energy city called Masdar City which was a failed experiment.

About Bukhara

Bukhara was an important region for Diaspora Jews. Following the Soviet capture of Bukhara and the creation of the Soviet Social Republics of Uzbekistan and Tajikistan, synagogues were destroyed or closed down, and were replaced by Soviet institutions. Consequently many Bukharan Jews fled to the West. Many live in Israel today.

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