{"id":75603,"date":"2023-01-17T02:00:05","date_gmt":"2023-01-17T02:00:05","guid":{"rendered":"https:\/\/enterpriseam.com\/climate\/2023\/01\/17\/uae-is-directing-usd-30-bn-worth-of-investments-towards-south-korea\/"},"modified":"2023-01-17T02:00:05","modified_gmt":"2023-01-17T02:00:05","slug":"uae-is-directing-usd-30-bn-worth-of-investments-towards-south-korea","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/climate\/2023\/01\/17\/uae-is-directing-usd-30-bn-worth-of-investments-towards-south-korea\/","title":{"rendered":"UAE is directing USD 30 bn worth of investments towards South Korea"},"content":{"rendered":"

<\/a> More details on UAE and Korea\u2019s renewables plans: <\/strong>The UAE and South Korea are forging closer links when it comes to collaboration on clean energy and climate-friendly, with news about a host of agreements announced during South Korean President Yoon Suk Yeol\u2019s four-day visit to Abu Dhabi, which kicked off on Sunday.<\/p>\n

Mubadala is spearheading a USD 30 bn investment:<\/strong> The UAE is investing USD 30 bn in a range of sectors in South Korea \u2014 with hydrogen, solar energy and nuclear power being among the priority areas, Reuters<\/a> noted South Korea\u2019s presidential office announcing<\/a> on Sunday. The investment \u2014 which UAE President Mohammed bin Zayed Al Nahyan announced following a meeting with Yoon \u2014 will be led by Abu Dhabi\u2019s Mubadala and other sovereign wealth funds, the newswire reported, citing a statement from South Korea\u2019s Finance Ministry. No information has been given yet about the investment timeframe.<\/p>\n

And we know more about those 13 signed MoUs: <\/strong>The 13 agreements signed on Sunday<\/a> include one on cooperation in water resources between the UAE\u2019s Energy and Infrastructure Ministry and South Korea\u2019s Environment Ministry, according to a Wam statement<\/a>. An MoU covering hydrogen use in cities and its production, transmission, and storage was signed between the UAE\u2019s Energy Ministry and South Korea\u2019s Land, Infrastructure and Transport Ministry \u2014 though we don\u2019t know whether the two countries intend to produce green, blue, or gray hydrogen. Another MoU directed towards setting up joint strategic working groups for a Carbon Neutrality Acceleration Program was \u201cexchanged\u201d by Emirates Nuclear Energy Corporation, Korea Electric Power Corporation, and Korea Hydro and Nuclear Power, the Wam statement noted. Other agreements also spanned smart farming and carbon capture, utilization, and storage, we noted yesterday.<\/p>\n

One of these agreements involves creating a carbon credit market in Asia: <\/strong>South Korean telecoms group SK Group has signed a partnership agreement with Mubadala to set up a voluntary carbon market in Asia, it announced yesterday, according to daily newspaper the Korea Herald<\/a>. The two entities now aim to form a working group to build the partnership, officials from SK are reported to have said.<\/p>\n

Among the key issues to be ironed out?<\/strong> The usual sticking points like how carbon offset projects can be certified, building market transparency, and engaging more public and private sector participants.<\/p>\n

Voluntary carbon markets are currently seeing a surge in popularity in MENA<\/strong>, with Egypt\u2019s EGX set to launch<\/a> Africa\u2019s first voluntary carbon market in mid-2023 and the UAE\u2019s ADGM said to be working on a framework for the first-ever regulated voluntary carbon market. A new carbon market company set up by Saudi Arabia\u2019s sovereign wealth fund auctioned 1.4 mn tons of carbon credits at Davos in the Desert in October<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

More details on UAE and Korea\u2019s renewables plans: The UAE and South Korea are forging closer links when it comes to collaboration on clean energy and climate-friendly, with news about a host of agreements announced during South Korean President Yoon Suk Yeol\u2019s four-day visit to Abu Dhabi, which kicked off on Sunday. Mubadala is spearheading […]<\/p>\n","protected":false},"author":1,"featured_media":75604,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[104],"tags":[11,76,88,299,52],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-75603","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-renewables","tag-enterpriseclimate","tag-nuclear-energy","tag-renewables","tag-south-korea","tag-uae","wpautop","entry"],"acf":{"mongo_id":"46b0844f-9354-4350-a963-6d0972cb1062","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/1\/927.jpg","photo_position":"above","related_issue":[75598],"teaser":"","voice_url":""},"yoast_head":"\nUAE is directing USD 30 bn worth of investments towards South Korea - Climate<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/climate\/2023\/01\/17\/uae-is-directing-usd-30-bn-worth-of-investments-towards-south-korea\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"UAE is directing USD 30 bn worth of investments towards South Korea\" \/>\n<meta property=\"og:description\" content=\"More details on UAE and Korea\u2019s renewables plans: The UAE and South Korea are forging closer links when it comes to collaboration on clean energy and climate-friendly, with news about a host of agreements announced during South Korean President Yoon Suk Yeol\u2019s four-day visit to Abu Dhabi, which kicked off on Sunday. 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