Latest news with #NetZero2050StrategicInitiative
Al Etihad
29-07-2025
- Business
- Al Etihad
ENEC, Samsung C&T Corporation sign agreement to advance global nuclear energy collaboration
29 July 2025 17:44 SEOUL (WAM)The Emirates Nuclear Energy Company (ENEC) and Samsung C&T Corporation have signed a Memorandum of Understanding (MoU) to jointly evaluate and pursue opportunities in civil nuclear energy development and investment agreement brings together ENEC's global nuclear leadership and Samsung C&T's deep engineering and infrastructure expertise to support the deployment of clean, dispatchable electricity MoU sets the stage for collaboration across several key areas. These include potential investment in conventional nuclear projects such as new builds, restarts, and brownfield Mergers and Acquisitions (M&A) activity in the US; future deployment of Small Modular Reactor (SMR) technologies in the UAE, US, and internationally; evaluation of opportunities in nuclear-powered hydrogen production in South Korea and other markets; investment in US-based nuclear service and equipment companies; and the joint assessment of the development and financing of a nuclear power plant in Al Hammadi, Managing Director and Chief Executive Officer of ENEC, said, 'Nuclear energy has a pivotal role in delivering clean electricity at scale to meet rapidly growing global demand. ENEC has demonstrated that with the right strategy and partnerships, nuclear projects can be delivered safely on time, and to the highest national and international standards. Through this MoU with Samsung C&T, we are expanding our global collaboration efforts to enable new nuclear deployment, investment, and innovation. Together, we will explore projects that deliver real impact for countries seeking energy security, decarbonisation, and long-term economic growth.'Oh Sechul, President and CEO of Samsung C&T, said, 'To ensure the stable supply of clean energy, nuclear power plays an essential role as a reliable baseload source. By combining the advanced technologies and global networks that both companies have built in the large-scale nuclear and SMR sectors, I look forward to creating synergies through close collaboration.'The signing is aligned with ENEC's international strategy and its ADVANCE program, which accelerates the evaluation and potential deployment of next-generation nuclear technologies. It also supports the UAE's wider Net Zero 2050 Strategic Initiative and positions ENEC as a catalyst for global clean energy the developer and operator of the four-unit Barakah Nuclear Energy Plant, ENEC has delivered one of the most successful new nuclear programs globally. Barakah generates 40 TWh of clean electricity annually, providing 25 percent of the UAE's total electricity demand. It is the largest source of clean electricity in the region and has avoided more than 22 million tons of carbon emissions is now leveraging this expertise through global partnerships to invest, partner and cooperate with other nations and companies to realise the benefits of civil nuclear energy.
Al Etihad
29-07-2025
- Business
- Al Etihad
ENEC and Samsung C&T Corporation sign agreement to advance global nuclear energy collaboration
29 July 2025 15:25 ABU DHABI (ALETIHAD)The Emirates Nuclear Energy Company (ENEC) and Samsung C&T Corporation have signed a Memorandum of Understanding (MoU) to jointly evaluate and pursue opportunities in civil nuclear energy development and investment agreement brings together ENEC's global nuclear leadership and Samsung C&T's deep engineering and infrastructure expertise to support the deployment of clean, dispatchable electricity MoU sets the stage for collaboration across several key include potential investment in conventional nuclear projects such as new builds, restarts, and brownfield Mergers and Acquisitions (M&A) activity in the US; future deployment of Small Modular Reactor (SMR) technologies in the UAE, US, and internationally; evaluation of opportunities in nuclear-powered hydrogen production in South Korea and other markets; investment in US-based nuclear service and equipment companies; and the joint assessment of the development and financing of a nuclear power plant in Director and Chief Executive Officer of ENEC, His Excellency Mohamed Al Hammadi, said, 'Nuclear energy has a pivotal role in delivering clean electricity at scale to meet rapidly growing global demand. ENEC has demonstrated that with the right strategy and partnerships, nuclear projects can be delivered safely on time and to the highest national and international standards. Through this MoU with Samsung C&T, we are expanding our global collaboration efforts to enable new nuclear deployment, investment, and innovation. Together, we will explore projects that deliver real impact for countries seeking energy security, decarbonisation, and long-term economic growth.'President and CEO of Samsung C&T, Oh Sechul, said, 'To ensure the stable supply of clean energy, nuclear power plays an essential role as a reliable baseload source. By combining the advanced technologies and global networks that both companies have built in the large-scale nuclear and SMR sectors, I look forward to creating synergies through close collaboration.' The signing is aligned with ENEC's international strategy and its ADVANCE programme, which accelerates the evaluation and potential deployment of next-generation nuclear technologies. It also supports the UAE's wider Net Zero 2050 Strategic Initiative and positions ENEC as a catalyst for global clean energy the developer and operator of the four-unit Barakah Nuclear Energy Plant, ENEC has delivered one of the most successful new nuclear programmes generates 40 TWh of clean electricity annually, providing 25 percent of the UAE's total electricity is the largest source of clean electricity in the region and has avoided more than 22 million tons of carbon emissions annually. ENEC is now leveraging this expertise through global partnerships to invest, partner and cooperate with other nations and companies to realise the benefits of civil nuclear energy.
Hi Dubai
22-07-2025
- Business
- Hi Dubai
Union Coop and Positive Zero Launch one of the Middle East's Largest Retail Solar Energy Projects
Union Coop (UNIONCOOP:DFM), the largest consumer cooperative in the UAE, in partnership with Positive Zero, a leading provider of decentralised clean energy solutions, has launched one of the Middle East's largest solar energy projects in the retail sector. The long-term agreement will see the installation of solar photovoltaic (PV) systems on roofs and parking areas across Union Coop locations, aimed at significantly reducing carbon emissions and supporting the UAE's net-zero targets. The agreement was signed at Union Coop's headquarters in Al Warqa City Mall, Dubai in the presence of Mr. Mohamed Al Hashemi, CEO of Union Coop; Mr. Mohammed Abdulghaffar Hussain, Chairman of Positive Zero; Mr. Ahmed Al Zarooni, Chief Real Estate Officer of Union Coop; Mr. David Auriau, CEO of Positive Zero; and Mr. Laurent Longuet, CEO of Positive Zero's Generation business, along with other distinguished attendees. Scheduled for completion by mid-2026, the project will cover up to 30 Union Coop sites across Dubai and the Umm Al Quwain Coop headquarters (managed by Union Coop). With an installed capacity of 17.3 megawatts, the system is expected to produce approximately 29.23 gigawatt-hours of clean electricity annually—enough to power over 4,000 homes. The initiative will reduce carbon emissions by up to 21,650 tons each year, the equivalent environmental benefit of planting approximately 325,000 trees. It aligns with the UAE Net Zero 2050 Strategic Initiative and the UAE Energy Strategy 2050, which aims to raise clean energy's share to 30% of the national energy mix by 2030. Commenting on the milestone, Mohamed Al Hashemi, CEO of Union Coop, said: Today marks a landmark moment in Union Coop's journey to become a leader in sustainability. By integrating clean energy solutions into our daily operations, we reaffirm our commitment to supporting the UAE's vision for a net-zero future by 2050. Union Coop aims to serve as a role model in the retail sector by adopting innovative practices that reduce carbon emissions and create a lasting environmental impact. Our responsibility as a cooperative goes beyond serving the people, as we are equally committed to protecting the environment and embedding sustainable practices that ensure a brighter future for generations to come. For his part, Mohammed Abdulghaffar Hussain, Chairman of Positive Zero, added: Union Coop has an important heritage, serving the UAE community for decades. This project represents one of the largest retail chain solar agreements ever signed in the Middle East and Positive Zero's most extensive generation undertaking for the retail sector in the UAE to date. We look forward to a long, successful partnership with Union Coop and delivering major environmental benefits from this renewable energy mission. Echoing similar sentiments, David Auriau, CEO of Positive Zero, stated: Union Coop is making a major step forward in its sustainability journey with this distributed solar project. Our teams are already working together on the first phase, and by this time next year, we expect clean, renewable energy to be powering all agreed sites. Collaboratively, we will drive greater operational, economic and environmental sustainability and identify the potential for further clean energy innovations. Union Coop continues to champion sustainability through impactful initiatives, including banning single-use plastic bags, adopting eco-friendly packaging, and collaborating with public and private sectors to reduce supply chain emissions. To find out more about Positive Zero's projects, visit the link here. Source: Union Coop
Zawya
02-05-2025
- Business
- Zawya
Ajman Bank unveils ambitious net zero strategy and AED4bln sustainable finance commitment
Ajman, UAE: Ajman Bank has today announced a landmark environmental sustainability strategy, setting bold targets to achieve Net Zero emissions across its operations while mobilising significant capital towards sustainable finance initiatives. The comprehensive plan establishes clear milestones: achieving Net Zero for Scope 1 and 2 emissions by 2030, followed by full Net Zero status across all emission scopes – including the more challenging Scope 3 financed emissions – by 2050. Alongside these environmental targets, the Bank has committed to channelling AED 4 billion into sustainable finance by 2030, reinforcing its position as a leader in Shari'ah-compliant sustainable investment. This strategic initiative aligns with both the UAE's Net Zero 2050 Strategic Initiative and the Ajman Vision 2030, positioning the Bank at the forefront of the national transition towards a low-carbon economy while maintaining adherence to Islamic banking principles. Ajman Bank Chief Executive Officer Mustafa Al Khalfawi said: "Our Net Zero strategy represents the convergence of our financial expertise and environmental responsibility. As custodians operating within the framework of Islamic finance, we recognise that true stewardship extends beyond financial assets to encompass our natural resources and environmental heritage. 'This strategy enables us to make meaningful contributions to the UAE's climate ambitions while creating sustainable value for our stakeholders." Ajman Bank's Net Zero strategy is built on three pillars: decarbonising operations by 2030, addressing financed emissions by 2050, and driving AED 4 billion into sustainable finance. The Bank is advancing a bold, principles-led approach to climate action - backed by investments in clean energy, green buildings, water conservation, and low-carbon transport. Additionally, the Bank will develop specialised Shari'ah-compliant green financial instruments to facilitate the transition to sustainable economic activities across various sectors. Ajman Bank Head of Enterprise Project Management Office & ESG Zohaib Ali Zahid said: "We have developed a structured framework that integrates sustainability considerations into every aspect of our business model. This includes comprehensive emissions measurement protocols, strategic reduction initiatives and innovative financial product development. 'By establishing this robust infrastructure, we can ensure that our environmental commitments translate into tangible actions and measurable results, creating lasting value for our shareholders, clients and the broader community." The announcement was made during a formal ceremony at Ajman Bank's headquarters, attended by distinguished members of the UAE Banks Federation (UBF) Sustainable Finance Committee and the Bank's strategic partners in sustainable development.
