A Memorandum of Understanding was signed today in Munich for the foundation of an industrial initiative aimed at generating power from renewable energies in the MENA Region.
Twelve companies, including Deutsche Bank, signed the memorandum to establish a DESERTEC Industrial Initiative (DII). The objective of this initiative is to analyse and develop the technical, economic, political, social and ecological framework for carbon-free power generation in the deserts of North Africa. The key aim is to produce sufficient power to meet around 15% of Europe’s electricity requirements and a substantial portion of the power needs of the producer countries.
The DESERTEC concept has been developed by the Trans-Mediterranean Renewable Energy Cooperation (TREC) Initiative of the Club of Rome. It describes the perspectives of a sustainable power supply for all regions of the world with access to the energy potential of deserts.
The founder companies of the DII, whose regional focus is on Europe, the Middle East and North Africa (MENA), will be: ABB, Abengoa Solar, Cevital, Deutsche Bank, e.on, HSH Nordbank, MAN Solar Millennium, Munich Re, M+W Zander, RWE, Schott Solar and Siemens.
Caio Koch-Weser, Vice Chairman of Deutsche Bank, said: "We are pleased to participate in the Desertec Industrial Initiative and explore with our partners the feasibility of this trailblazing project. The Initiative shows in what dimensions and on what scale we must think if we are to master the challenges from climate change both in ecological and economic terms."
The Desertec commitment matches Deutsche Bank's strong positioning in the field of renewable energies. Other initiatives include the Deutsche Bank Climate Strategy, the Climate Change Advisory Board, Solar Impulse, the Green Towers in Frankfurt and the Carbon Counter in New York.
"The Bank has recognised the great importance of sustainability and renewable energies and has already taken action accordingly in numerous initiatives," said Thomas Rüschen, Global Head of Asset Finance & Leasing and member of Deutsche Bank's Environmental Steering Committee.
"At the same time, Deutsche Bank sees 'green banking' as an important growth area for the coming years. As a globally operating investment bank, Deutsche Bank is a leading advisor on large-scale, complex infrastructural projects. This competence is to be leveraged for DESERTEC as the Bank is aware of its social responsibility and would like to play an extensive part in the project.”
The companies intend to establish a planning entity whose shareholders will include the DESERTEC Foundation. The Memorandum of Understanding was signed in the presence of high-ranking representatives from German and international politics.
Among the DII’s main goals are the drafting of concrete business plans and associated financing concepts, and the initiating of industrial preparations for building a large number of networked solar thermal power plants distributed throughout the MENA region.
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