Social Governance

Israel, UAE, US, and India Launch Food and Energy Programmes

Published on: 14 July 2022 12:10 PM
by KnowESG
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Israel, India, the US, and the UAE met Thursday for the inaugural I2U2 Group meeting to discuss food security, sustainable energy, and other areas of mutual interest.

A joint statement said, "This unique grouping of countries aims to harness the vibrancy of our societies and entrepreneurial spirit to tackle some of the greatest challenges confronting our world, with a particular focus on joint investments and new initiatives in water, energy, transportation, space, health, and food security."

The I2U2 refers to India, Israel, the UAE, and the United States, which the UAE's Ambassador to India, Ahmed al-Banna, formerly referred to as the "West Asian Quad."

The leaders stated their intention to harness private sector funding and knowledge to enhance efforts in the carbon development domain, promote public health and access to immunisations, upgrade infrastructure, and advance connectivity across Middle Eastern nations.

In addition to addressing the current global food and energy insecurity crisis, they intend to achieve these goals by devising new solutions for waste management, connecting startups from their respective countries to I2U2 investments, exploring areas for joint financing, and promoting the development of critical emerging and green technologies.

At the first summit, the leaders discussed clean energy and the food security dilemma, highlighting methods to secure "longer-term, more diversified food production and food distribution systems that can better withstand global shocks."

The United Arab Emirates, which is home to the International Renewable Energy Agency (IRENA), hosts the COP28 climate change conference in 2023 and invests $2 billion in the development of a series of integrated food parks in India that will utilise cutting-edge, climate-smart technologies to reduce food waste, conserve fresh water, and deploy renewable energy.

India would provide the required plot and support the incorporation of farmers into the food parks.

Companies operating in the private sectors of the United States and Israel will be invited to contribute their expertise and solutions to the project's overall sustainability.

“These investments will help maximise crop yields and, in turn, help tackle food insecurity in South Asia and the Middle East,” the heads of state said.

The I2U2 Group also plans to move forward with a $330 million hybrid renewable energy project in India's Gujarat State, which would consist of 300 megawatts of wind and solar capacity in addition to a battery energy storage system. The US Trade and Development Agency supported the feasibility study for the project.

UAE-based businesses are already researching how their skills and investment partners might support the project.

Israel and the United States will collaborate with India and the United Arab Emirates to promote private sector opportunities in the clean energy sector.

Several Indian companies have expressed interest in participating in this project, which is in line with India's objective of achieving 500 gigawatts of non-fossil fuel capacity by 2030.

“Such projects have the potential to make India a global hub for alternate supply chains in the renewable energy sector,” they said.

“We reaffirm our support for the Abraham Accords and other peace and normalisation arrangements with Israel,” the leaders said that opportunities for economic cooperation in the Middle East and South Asia, especially those that “flow from these historic developments,” and push for sustainable investment.

“We also welcome other new groupings of countries, such as the Negev Forum for regional cooperation, that recognise the unique contributions of each partner country, including Israel’s ability to serve as an innovation hub connecting new partners and hemispheres to strategically address challenges that are too great for any one country to manage alone,” the heads of state said.

Source: Alarabiya News

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