Qatar commits $1.3bn to UK climate tech partnership

The British government announced today a new partnership with Qatar, involving $1.3 billion (£1 billion) of Qatari investment in climate technologies across Britain. According to Reuters, the initiative aims to create thousands of highly skilled jobs and establish leading climate technology hubs in both countries to advance eco-friendly solutions.

Rolls-Royce, the British industrial giant known for its aircraft engines, will benefit from this investment to boost energy efficiency programmes. Qatar’s Prime Minister, Sheikh Mohammed Abdulrahman Al-Thani, noted: “Qatar is already one of the largest purchasers of Rolls-Royce engines for Qatar Airways and a major investor in the small modular reactor nuclear industry. This new partnership further strengthens Qatar’s position as a leading global investor in climate technologies.”

“The United Kingdom has a proud history of innovation in cutting-edge technology, and Qatar has long been a trusted investment partner to British businesses,” added Sheikh Mohammed.

Qatar’s investments in the British economy currently total around $50.6 billion (£40 billion), with plans to inject an additional $24.7 billion (£19.5 billion) by 2027. The announcement came during a state visit by Qatar’s Emir Tamim Bin Hamad Al-Thani, who was welcomed by King Charles III yesterday and is set to hold talks with Prime Minister Keir Starmer.

In a press release, Starmer said: “I am proud that Qatar has chosen to base this global partnership here in the UK and I am delighted that the project is getting off the ground with this initial £1 billion commitment.”

Both countries will sign a Memorandum of Understanding to promote cooperation in financial services, with a focus on the development of sectors such as fintech and green finance.

Britain, eager to secure new trade partnerships post-Brexit, initiated trade talks in 2021 with the Gulf Cooperation Council (GCC), which includes Qatar. A parliamentary committee last year urged the government not to compromise on British values, especially concerning human rights and environmental standards, in these negotiations.

READ: Britain, Qatar to sign agreement on financial services