The British government said on Wednesday that Qatar will invest $1 billion ($1.3 billion) in climate technologies in the UK, with engineering firm Rolls-Royce expected to get a portion of the funds to help with its energy transformation.
Sheikh Tamim bin Hamad Al Thani, the emir of Qatar, made the declaration during a two-day official visit to Britain. He is scheduled to meet with Prime Minister Keir Starmer on Wednesday.
According to his spokeswoman, Starmer aims to utilize the visit to obtain “tangible benefits” for the UK on the economy and security fronts as Britain looks to strengthen its relationship with the affluent Gulf state.
According to the government, the investment is anticipated to expedite the development of climate-friendly technologies by establishing climate technology hubs in both countries and creating thousands of employment.Â
This includes funding Rolls-Royce’s technology initiatives that boost energy efficiency, encourage the use of new sustainable fuels, and reduce carbon emissions, as well as funding businesses that concentrate on carbon management, energy efficiency, and green power.
Rolls-Royce CEO Tufan Erginbilgic said in a comment.
“Enabling the energy transition through lower carbon technologies is a key part of our strategy,”Â
“We are delighted to welcome Qatar as a strategic partner, who will support the growth of these technologies.”Â
In order to finance his ambitions for new infrastructure and energy development, Starmer is appealing to wealthy investors like Qatar, who he promised to boost economic growth when he was elected in July.
Through the Qatar Investment Authority, which owns the Shard skyscraper in central London, the Canary Wharf commercial and entertainment zone in East London, and shares in Barclays and Heathrow Airport, among other companies, Qatar is already a significant investor in Britain.
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