UAE's federal export credit company Etihad Credit Insurance (ECI) has entered into a strategic sustainability partnership with SkyPower, one of the largest and most successful developers and owners of utility-scale solar photovoltaic (PV) energy projects in the world.
The ECI-SkyPower Strategic Sustainability Partnership deal comes as part of the UAE government's efforts to reinforce its commitment to the United Nations’ (UN) sustainable development goals (SDGs), said the statement from the Emirati group.
The SDGs, which were established as part of the United Nations' 2030 Agenda, are a set of 17 life-changing goals that are crucial in order to improve the planet by 2030.
This comprehensive strategy addresses the areas which require immediate attention for generating a prosperous world - such as, eliminating poverty, promoting good health and well-being, standing up for gender equality and implementing access to affordable and clean energy.
It was signed at the Canadian Expo 2020 pavilion by its CEO Massimo Falcioni and SkyPower Services Mena Managing Director & SkyPower Global Group CEO Kerry Adler.
Under the Strategic Development Partnership, ECI will provide trade credit insurance, export finance guarantees and investment protection solutions, and both parties will focus on strategic sectors projects, such as, renewable energy, sustainably powered data centres, water treatment and other projects of national interest.
ECI’s contribution to the growth of the energy and sustainability sector is in line with the UAE’s ambitious Energy Strategy 2050, which aims to allocate over AED 600 billion to achieve its goal of increasing the contribution of clean energy sources in the total capacity mix to 50% (44% renewable and 6% nuclear) by 2050.
The strategy aims to reduce the carbon footprint of power generation by 70%, saving AED 700 billion by 2050.
On the SkyPower collaboration, Falcioni said: "In relation to UAE’s Energy Strategy 2050, ECI has actively involved in several projects to reinforce the country’s position as a global leader in creating sustainable cities and reducing carbon footprint."
The UAE is a significant supporter of the creation of Agenda 2030, placing a commitment to sustainable development at the heart of its long-term goal. The idea of sustainable development also permeates UAE’s national development plan - Vision 2021 - and the plans of its seven Emirates.
"The collaboration with SkyPower is an important step in achieving sustainable development set by the United Nations and unwaveringly pursued by the UAE. By supporting one of the leading firms in renewable energy, we are delighted to be a part of building a world which is less polluted, more habitable and much healthier," he added.
Adler said the most critical factor in achieving the quintessential energy transition to renewables, was the ability to access financing and financial instruments that provide the capacity to accelerate the speed in which deployment of renewables like solar can be made.
"SkyPower is proud to announce today that ECI and their forward thinking leadership, driven by the unwavering pursuit of a more sustainable world, have aligned with SkyPower, and embraced the UAE’S vision, to accelerate and sustain national economic diversification by deploying, innovative and focused export credit, financing and insurance solutions which shall serve as a critical catalyst for the necessary rapid implementation of renewables ensuring a brighter and more sustainable future for all," he added.-TradeArabia News Service