The State of Qatar has agreed with the British engine manufacturer, Rolls-Royce, on a long-term partnership and investment of billions in green engineering projects.
The Guardian said that the investments between Rolls-Royce and Qatar aim to fund entrepreneurs who find innovative ways to help the transition to zero carbon emissions.
The two parties announced the agreement on the sidelines of the climate conference held in Glasgow, where the Emir of Qatar, Sheikh Tamim bin Hamad Al Thani, met British Prime Minister Boris Johnson.
The deal will include creating about a thousand jobs on two university campuses, one in the north of England and the other in Qatar. And climate technology companies will be created, launched and developed, amid expectations of creating about ten thousand additional jobs in the projects that will emerge from it and in the clean technology economy.
The deal includes the creation of five unicorns, which are private companies, valued at more than one billion dollars by 2030. In addition, under the deal 20 companies will be established by 2040.
Qatar will also provide funding for campus development and project support for two decades, through the Qatar Foundation, a state non-profit organization.
For their part, Rolls-Royce will provide engineering and high-end manufacturing support, and will use the centre to develop emerging climate technologies.
The startups will also be provided with academic assistance and funding for on-campus research and development, along with early-stage venture capital investment, so that researchers can later test, demonstrate and scale their technologies.
Rolls-Royce chief executive Warren East said: “Rolls-Royce has pioneered power since its inception and we are already playing a key role in accelerating the energy transition in some of the hardest sectors to decarbonise.
“For us, the transition to net zero is both a societal imperative and an excellent commercial opportunity. This partnership with Qatar Foundation will enable us to accelerate progress in clean energy, including by allowing us to fully take advantage of nascent technologies that could have a significant impact on tackling climate change.”
Under this deal, Qatar will become one of the top five countries in the world investing in research and development in the field of clean energy, according to The Guardian.
With the increasing interest in renewable energy, Qatar is working towards diversifying energy sources and benefiting from other natural resources that the country enjoys.
The annual report of the International Energy Agency also shows the growth in demand for fuel, driven by the increase in the growth of wind and solar energy.
It is expected that investment in renewable energy will play an important role in the next few years, and will constitute the main support for the infrastructure of many countries.
Moreover, carbon emissions harmful to the environment will be reduced, and it will be a strong competitor to traditional energy sources in terms of economic cost.