The United States and the United Arab Emirates on Tuesday signed a strategic partnership that will see $100 billion mobilized to develop a total of 100 gigawatts of clean energy by 2035.
Signed during the Adipec energy conference in Abu Dhabi entitled the “Partnership for Accelerating Clean Energy” (PACE), the deal cuts across four main pillars and these include the development of clean energy innovation and supply chains, managing carbon and methane emissions, nuclear energy, and industrial and transport decarbonization.
As part of the deal, the two countries will set up an “expert group” to identify priority projects, remove potential hurdles, and measure PACE’s progress in achieving its goal of catalyzing $100 billion in the financing, investment, and other support and deploying globally 100 gigawatts of clean energy.
Oil and gas company CEOs reportedly warned of the dangers of limiting fossil fuel production for the sake of climate change prevention, at the same conference where PACE was signed into action.
A UAE government statement published showed that the cooperation comes within the framework of the close friendship between the UAE and the United States of America and “affirms the commitment of both sides to work to enhance energy security and advance progress in climate action”.
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In a statement, the White House also described the new partnership as a major achievement for President Joe Biden’s climate agenda.
The statement read, “President Biden has again demonstrated his deep commitment to ensuring a global clean energy future and long-term energy security as the United States and the United Arab Emirates announced a robust partnership to ensure the swift and smooth transition toward clean energy and away from unabated fossil fuels”.
Although the UAE is a major oil exporter, it has invested in the development of non-fossil fuel energy sources, including building the world’s largest single-site solar power plant and the first nuclear power plant in the Arab world, and plans to host the COP28 climate summit in 2023.
The latest move is said to have come at a time of rising demand for a shrinking supply of oil globally as years of under-investment in fossil fuels and months of Russia’s war in Europe have brought on tightened supply and high prices for consumers.
Story was adapted from CNBC.
