The Industrial Transition Accelerator (ITA) has formed a partnership with the United Arab Emirates (UAE) and Bahrain to launch a new initiative in the Middle East and North Africa (MENA) region, focused on reducing carbon emissions in the industrial sector. Following ITA's successful program with the Brazilian government in July, this is its second major step targeting the MENA region.
The industrial sector in MENA accounts for over 40% of the region's GDP, surpassing global averages. With its traditional energy resources and renewable energy capabilities, the region is poised to take a leading role in decarbonizing heavy industries. ITA aims to accelerate green industry investments by collaborating with governments, industry leaders, and financial institutions to provide essential capital support.
Bahrain’s Minister of Industry and Commerce, Abdulla Bin Adel Fakhro, described this partnership as a strategic move aligned with Bahrain’s 2022-2026 Industry Strategy, highlighting significant opportunities for sustainable production and noting that this initiative would expedite carbon neutrality efforts.
Initial partners include leading UAE companies such as EMSteel, Emirates Global Aluminium, and Arabian Gulf Steel Industries. EMSteel CEO Eng Saeed Ghumran Al Remeithi emphasized that the collaboration with ITA would bolster efforts to reduce the carbon footprint of heavy industries. Emirates Global Aluminium CEO Abdulnasser Bin Kalban underscored the need for joint solutions across industries, praising ITA as an essential platform for this collaboration.
Additionally, ITA aims to unlock crucial investments to support the growing portfolio of green projects in the MENA region and to enhance the scalability of these initiatives.
Comments
No comment yet.