KHALEEJ TIMES, Wednesday, Oct 20, 2021 | Rabi Al-Awwal 13, 1443
Etihad Credit Insurance, SkyPower sign sustainability partnership
Emirates:
Etihad Credit Insurance (ECI), the UAE Federal export credit company, has
entered into a strategic sustainability partnership with SkyPower to reinforce
the country’s commitment to the United Nations’ sustainable development goals
(SDGs).
The ECI-SkyPower strategic sustainability partnership was signed on Tuesday
morning by Massimo Falcioni, CEO of Etihad Credit Insurance, and Kerry Adler,
CEO of SkyPower Global Group of Companies, at the Canadian Pavillion at Expo
2020 Dubai.
Under the partnership, ECI will provide trade credit insurance, export finance
guarantees as well as investment protection solutions, and both parties will
focus on strategic sector projects such as renewable energy, sustainably powered
data centres, water treatment and other projects of national interest. SkyPower
is one of the largest developers and owners of utility-scale solar (PV) energy
projects in the world.
ECI’s contribution to the growth of the energy and sustainability sector is in
line with the UAE’s Energy Strategy 2050, which aims to allocate over Dh600
billion to achieve its goal of increasing the contribution of clean energy
sources in the total capacity mix to 50 per cent by 2050 – 44 per cent of this
will be from renewables and six per cent from nuclear. The strategy aims to
reduce the carbon footprint of power generation by 70 per cent, saving Dh700
billion by 2050.
“The UAE is highly committed to the vision set by His Highness Sheikh Mohammed
bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of
Dubai, to implement the UN’s sustainable development goals, and the country has
been pivotal in supporting any company that has the technology and capability
towards a mission of net zero emissions,” Massimo Falcioni, CEO of Etihad Credit
Insurance, said at the signing of the partnership.
He explained that, in relation to UAE’s Energy Strategy 2050, ECI has been
actively involved in several projects to reinforce the country’s position as a
global leader in creating sustainable cities and reducing the carbon footprint.
The collaboration with SkyPower is an important step in achieving sustainable
development as dictated by the United Nations and the UAE leadership.
“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 said. “Energy transition towards net zero emissions doesn’t come
at a cost; we are here in order to ensure that the proper insurance and
financial needs are in place so that all the projects will deliver access to
energy at a very convinient cost. It is very important for us to make sure that
sustainable energy is ‘sustainable’, not only for the climate but also for the
people, which is why we are here to reduce the cost as much as possible for the
company delivering that energy.”
“It is no secret that the climate is in crisis,” added Kerry Adler, CEO of
SkyPower Global Group of Companies. “This partnership will help us bring
critical necessary electric power to people that deserve it the most. The most
critical factor in achieving the quintessential energy transition to renewables,
is 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.”
Adler revealed that SkyPower is setting up an office in the UAE, from where it
will serve the MENASA region. “We plan on expansing our operations over the next
couple of years to focus on communities that are at the lowerst rung of the
electricity ladder. This includes countries in Africa, as well as in South and
South East Asia. Today, we have over 20GW of solar projects and this partnership
with ECI will help us to expand faster and accelerate the growth to meet the
demands of renewable energy in a sustainable manner.”
ECI has been involved in multiple programs aimed to achieve sustainability goals
over the years. In January this year, ECI partnered with Masdar in order to
support investment in renewable projects that aim to reduce carbon emissions.
The agreement entails the exploration for establishing political and commercial
risk insurance solutions to improve bankability and attract cheaper capital to
Masdar’s renewables projects locally and globally.
Another major project demonstrating ECI’s sustainability development vision is
its collaboration with Emirates Waste to Energy Company - a joint venture
between Bee’ah and Masdar, to develop the UAE’s first solar landfill project in
Sharjah to promote the emirate’s renewable energy generation capacity. It
incorporates technology to generate energy from waste, making it affordable and
accessible for developing nations. Through various undertakings like these, ECI
strives to support the UAE leaders’ vision of creating sustainable communities
that will present a better and peaceful world for the future generation.