(MENAFN- Kuwait News Agency (KUNA)) The UAE and France have announced a new partnership to fund and expand renewable energy projects in developing countries, an official statement said on Tuesday.
Each country will allocate concessional funding for power generation projects under the deal as part of its climate change efforts in the lead-up to the negotiations due in Paris in December 2015, which will aim to establish a new global climate agreement, the statement carried by Emirates News Agency (WAM) news agency added.
According to the deal, signed on the sidelines of the Abu Dhabi Sustainability Week 2015, the two countries will offer easy-term loans and grants to fund power generating projects in developing countries.
"The UAE believes that renewable energy is a core element of the global response to climate change, while promoting economic growth and creating jobs," the statement quoted Minister of State and Special Envoy for Energy and Climate Change Dr. Sultan bin Ahmed Sultan Al Jaber as saying.
"With the guidance of our leadership, the UAE was an early champion of renewable energy, demonstrating the potential for developed and developing countries alike," he added.
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