Pinsent Masons has advised Técnicas Reunidas in its partnership with the IFC (International Finance Corporation-World Bank) for the development of energy transition and climate action projects in Poland, Romania, Bulgaria, Croatia, Serbia, Ukraine, Moldova, Kosovo, North Macedonia, Bosnia-Herzegovina, Montenegro, Albania, Azerbaijan, Armenia and Georgia.
Técnicas Reunidas has signed a Memorandum of Understanding (MoU) with IFC, an organization belonging to The World Bank Group, to help accelerate the decarbonization of Eastern European economies. The objective of this collaboration is to develop projects based on low-carbon technologies and boost the decarbonization of carbon-intensive industries.
Under the MoU, IFC and Tecnicas Reunidas will work together to identify and develop viable projects with partners to help accelerate the energy transition from fossil fuels to clean, low-carbon fuels. Target industries include steel, cement, aluminum, chemicals, glass and transportation.
These countries emit more than 800 million tons of carbon dioxide annually, equivalent to 30% of the European Union’s total emissions. It is estimated that they will require investments of more than 35 billion euros in sustainable fuels, hydrogen and low-carbon derivatives, and carbon capture units.
In these countries there are about 400 assets emitting more than 200,000 tons of carbon dioxide per year, mainly from the cement, steel and chemical industries, an important part of the MoU’s scope.
The Pinsent Masons team advising Técnicas Reunidas included Hermenegildo Altozano, Juan de Navasqüés and Carlos Angulo.