Global engineering company Técnicas Reunidas partners with IFC, the private sector arm of the World Bank, through a Memorandum of Understanding (MoU) to fast-track decarbonisation efforts in Eastern European economies. This collaboration aims to promote the adoption of low-carbon technologies and support the decarbonisation of carbon-intensive industries.
Under the MoU, IFC and Técnicas Reunidas will work together to identify and develop viable projects and partners that will contribute to accelerating the energy transition from fossil fuels to low carbon and clean fuels in specific countries. The focus industries include steel, cement, aluminium, chemicals, glass, and transportation.
The solutions to be explored will encompass various low carbon technologies along the hydrogen value chain, including green ammonia and e-methanol, as well as biofuels, bio chemicals and biomethane and carbon capture for large carbon emitters.
The countries included under the MoU are Albania, Armenia, Azerbaijan, Bosnia and Herzegovina, Bulgaria, Croatia, Georgia, Kosovo, Moldova, Montenegro, North Macedonia, Poland, Romania, Serbia, and Ukraine.
For IFC, the MoU is a step forward in its strategy to invest in projects that will make material contributions to the decarbonisation of key industries in emerging markets. As part of the collaboration with Técnicas Reunidas, IFC expects to support the early development of climate-smart projects and prepare them for investment opportunities, with a view to potentially providing and mobilising financing to build the projects.
Técnicas Reunidas’ expertise in the engineering and construction of strategic and complex projects, combined with IFC’s expertise in financing this type of investments, will facilitate the implementation of these projects.
Maria Paulina Mogollon, the Manager for Manufacturing, Agribusiness, and Services (MAS) Upstream and Advisory in Europe, Latin America, and the Caribbean, at IFC said: “IFC is looking forward to working with Técnicas Reunidas on identifying viable opportunities that will help to combat climate change that could be developed and implemented with credible partners. Técnicas Reunidas’ technical and engineering expertise, combined with IFC’s emerging market experience and footprint and global industry expertise, will bring significant value to investors, accelerating the green transition of hard-to-abate industries in the Eastern European region.”
Eduardo San Miguel, CEO of Técnicas Reunidas, stated, “We are pleased to join forces with IFC to accelerate the decarbonisation of Eastern European countries. This partnership represents a huge opportunity with significant decarbonisation potential. With track, we will increase our chances in these countries, that will require large investments for their decarbonisation.”