The Prime Minister has today announced a long-term strategic partnership between Qatar and the UK as part of the UK Government's commitment to forge new partnerships between hydrocarbon producing countries and consumer countries to help the move to a low carbon economy.
The Carbon Trust - set up by the UK Government in 2001 and one of the world’s leading experts on low carbon technologies - has signed a Memorandum of Understanding with the Qatar Investment Authority (QIA) on a new Low Carbon Innovation Partnership to set up a new £250m Qatar-UK Clean Technology Investment Fund and to investigate the creation of a Low Carbon Innovation Centre in Qatar.
The Fund will seek to make venture capital investments in clean energy businesses primarily located in the UK. Selected investment opportunities in continental Europe will also be considered. In addition, the Fund will consider investing in the Gulf Region once an investment capability is established in Qatar. The Fund will begin investing with up to £150m committed from the QIA alongside the Carbon Trust’s commitment. It will look for further funding from other investors to bring the maximum amount to £250m.
The Memorandum of Understanding also includes a commitment to carry out a feasibility study to investigate the creation of a Low Carbon Innovation Centre in Qatar. It will aim to share skills and knowledge on the development, commercialisation and deployment of low carbon technology between the UK and Qatar.
Discussing the new partnership, Prime Minister Brown said:
"Today’s announcement is an excellent example of the partnerships we need between oil producing and oil consuming countries to develop new energy sources and technologies, diversifying our economies and reducing our carbon emissions. I’m very pleased that the Carbon Trust will be working with the Government of Qatar to help bring about the move to a global low carbon economy."
Quote from His Excellency Sheikh Hamad bin Jassim bin Jabor Al-Thani, Prime Minister of Qatar:
"As one of the world’s leading hydrocarbon producers, it is natural that Qatar should take a leadership role in developing low carbon technologies. Qatar is already recognised as a centre of excellence in energy-related research and development and I am delighted to agree this alliance with the United Kingdom and to welcome the Carbon Trust to Qatar. This partnership will provide low carbon, clean energy knowledge transfer into Qatar and opportunities in business, education and skills development to the Qatari people."
Ed Miliband, the Secretary of State for Energy and Climate Change, said:
"The Carbon Trust / Qatar partnership will be of mutual benefit to both Qatar and the UK. It will use British expertise in renewable technology, matching it with investment from Qatar and the private sector in Britain. It will help us take another step on the road to a green revolution."
Tom Delay, Chief Executive of the Carbon Trust, said:
"Mitigating climate change will bring a wealth of new business opportunities as low carbon technologies are developed and commercialised. This new clean technology fund will put the UK at the heart of low carbon innovation. By investing in home grown companies developing cutting edge low carbon technologies it will enable the UK to benefit commercially from the move to a low carbon economy".
The Qatar-UK Clean Technology Investment Fund will be managed by CT Investment Partners LLP.
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