Rolls-Royce, the engine manufacturing company, has entered a long-term partnership with the state of Qatar to invest billions in green engineering projects, aiming to rank among the top five countries worldwide investing in research and development in the field of clean energy, according to The Guardian on Monday. The project aims to fund entrepreneurs who find innovative ways to help transition to net-zero carbon emissions. The deal was announced on the sidelines of the climate conference held in Glasgow, where the Emir of Qatar, Sheikh Tamim bin Hamad Al Thani, met with British Prime Minister Boris Johnson.
The agreement will create approximately 1,000 jobs in two campuses, one in Northern England and the other in Qatar, where climate technology companies will be established, launched, and developed. It is hoped that around 10,000 additional jobs will be created in the ensuing projects and in the clean technology economy. The deal guarantees the establishment of five "unicorn" companies (private companies valued at over a billion dollars) by 2030, with plans to establish 20 companies by 2040. Qatar will provide financing for developing the campus and supporting projects for two decades, through Qatar Foundation, a state-owned non-profit organization. Meanwhile, Rolls-Royce will provide expertise in engineering and advanced manufacturing, using the center to develop emerging climate technologies.
Startup companies will receive academic assistance and funding for research and development on campus, alongside venture capital investment in early stages, allowing researchers to test, validate, and scale their technologies later. Rolls-Royce CEO Warren East stated: "This partnership with Qatar Foundation will enable us to accelerate progress in clean energy, including fully leveraging emerging technologies that can have a significant impact on addressing climate change." The national strategy of the State of Qatar for 2030 includes a gradual economic diversification aimed at reducing dependence on fossil fuels such as oil and gas.
