UAE and US ink new bilateral partnership deal on clean energy

ABU DHABI - The United Arab Emirates [UAE] has entered into a joint bilateral partnership with the US that will see the formation of an expert group to govern the Partnership for Accelerating Clean Energy (PACE).

This new bilateral body will be led by UAE Special Envoy for Climate Change Dr. Sultan Al-Jaber and US Special Coordinator for International Energy Affairs Amos Hochstein, and will include representatives from both countries’ private sectors and governments.

PACE, which was launched late last year, aims to catalyze $100 billion in financing, investment, and other support, as well as to deploy 100 gigawatts of clean energy by 2035. It will cover a wide range of established and emerging technologies and will have a broad impact on both developed and developing economies.

Members of the group will meet monthly to provide guidance on the four strategic pillars of clean energy innovation, deployment and supply chains, carbon and methane management, nuclear energy, industrial and transportation decarburization, and climate change.

“Already one of the world’s largest renewable energy investors and developers, the UAE is joining forces with the US under PACE to supercharge a just energy transition, enhance energy security and demonstrate that climate action can unlock economic opportunities,” Al-Jaber said.

“As the international community prepares to take stock of global climate progress at COP28 in the UAE, this multi-sectoral partnership is a transformative step to advance mitigation and adaptation through the pragmatic investment and deployment of clean energy projects across the US, UAE, and emerging economies around the world. We are confident that this partnership will provide a new model of cooperation that unites global efforts on the path to COP28 toward achieving meaningful progress,” he said.

UAE and US officials announced on Sunday that $20 billion will be set aside to fund 15 new gigawatts of clean and renewable energy projects in the US by 2035, led by Abu Dhabi’s renewable energy firm Masdar and US private investors.

GAROWE ONLINE