Qatar launch $375 million clean-tech fund
November 25, 2008
The U.K. government, through the Carbon Trust agency, has announced the launch of a strategic partnership with Qatar aiming to help form partnerships between hydrocarbon producing countries and consumer countries and a move to reduced carbon emissions into the atmosphere.
The Carbon Trust, set up by the U.K. government in 2001, has signed a Memorandum of Understanding with the Qatar Investment Authority (QIA) agreeing to set up a £250 million Qatar-U.K. Clean Technology Investment Fund and to investigate the creation of a research center in Qatar.
The fund will seek to make venture capital investments in clean energy businesses primarily located in the U.K., the Carbon Trust said. Some 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 Carbon Trust did not indicate how long it expects to take investing the $375 million. The Qatar-U.K. Clean Technology Investment Fund will be managed by CT Investment Partners LLP.
The fund will begin investing with up to £150 million (about $225 million) committed from the QIA, alongside some money from the Carbon Trust. The partnership is then planning to seek further funding from other investors to bring the maximum amount to £250 million.
"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 recognized as a center 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," the Carbon Trust quoted Sheikh Hamad bin Jassim bin Jabor Al-Thani, prime minister of Qatar, as saying.
"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," said Tom Delay, chief executive of the Carbon Trust, in the same statement.
Print this page