Germany's RWE and the UAE's Masdar will invest up to £11 billion to build a huge offshore wind farm.
British Prime Minister Rishi Sunak announced on Friday that the UAE's state-owned renewable energy company Masdar and German energy giant RWE plan to invest up to £11 billion ($14 billion) to build a giant offshore wind farm.
Speaking at the COP28 climate talks in Dubai, he said the joint investment plan would help install turbines at the UK's large Dogger Bank plant in the North Sea.
The UK** claims that an offshore wind farm off the coast of Yorkshire, in the north of England, has been planned for a long time and will become the world's largest wind farm.
Several other multinational companies are also involved in the joint venture.
Sunak said: "I am delighted to announce a new agreement between Masdar and RWE that includes a commitment to co-invest up to £11 billion in the UK's new Dogger Bank wind farm.
This is a huge boost for renewables in the UK, creating more jobs, helping to power 3 million homes and improving our energy security," he said at a press conference on the sidelines of COP28.
Both companies said Masdar will buy RWE's 3. in Dogger Bank South49% stake in 0 gigawatt (GW) project.
It added that the south is capable of powering 3 million typical UK homes, creating 2,000 jobs during construction and more than 1,000 direct and indirect roles during the operational phase.
The UAE state-owned company noted that the financial deal is expected to close in the first quarter of next year.
Sunak's commitment to mitigating climate change has come under pressure this year after he softened several policies aimed at achieving net-zero carbon emissions by 2050.
But he used his appearance at the UN climate conference to defend the decisions and insist that the UK was meeting its commitments.
What I can assure you is that we will continue to do more than anyone else," Sunak told reporters.
We can achieve targets that are already more ambitious than anyone else, but we can do it in a more pragmatic way," he added, noting that the cost-of-living crisis has affected many Britons.
The UK leader struggled in a poll ahead of next year, claiming that no other world leader at COP28 had proposed his recent series of backwinds on UK climate policy.
Because most of their goals are not as ambitious as those of the UK," he said.