Published : 5 days ago, on 04/12/2024

LONDON (Reuters) – Qatar will invest 1 billion pounds ($1.3 billion) in climate technology in the United Kingdom, with engineering company Rolls-Royce set to benefit from some of the cash to support its energy transition, the British government said on Wednesday.

The announcement was made during a two-day state visit to Britain by Qatar’s emir, Sheikh Tamim bin Hamad Al Thani, who is expected to meet Prime Minister Keir Starmer on Wednesday.

Britain is seeking deeper ties with the wealthy Gulf state, and Starmer hopes to use the visit to secure “tangible benefits” for the country on security and the economy, his spokesperson said.

The investment is expected to create thousands of jobs and launch climate technology hubs in both countries to accelerate development of climate-friendly technologies, the government said.

This includes investment in technology programmes by Rolls-Royce that improve energy efficiency, support new sustainable fuels and lower carbon emissions, and in startups focusing on energy efficiency, carbon management, and green power.

“Enabling the energy transition through lower carbon technologies is a key part of our strategy,” Rolls-Royce CEO Tufan Erginbilgic said in a statement.

We are delighted to welcome Qatar as a strategic partner, who will support the growth of these technologies.

Starmer was elected in July on a promise to lift economic growth and is looking to potential wealthy investors such as Qatar to help fund his plans for new infrastructure and energy development.

Qatar is already a big investor in Britain through the Qatar Investment Authority, which owns the Canary Wharf business and entertainment district in East London, the Shard skyscraper in central London, and stakes in Barclays and Heathrow Airport among others.

($1 = 0.7890 pounds)

(Reporting by Catarina Demony.; Editing by Mark Potter)