More than $100 billion will be invested to produce 100 gigawatts of clean energy globally by 2035 in line with the strategic partnership the United States signed Tuesday with the UAE, the White House announced.
The Partnership for Accelerating Clean Energy (Pace), which will aim to develop low-emission energy sources, was signed by the US Special Presidential Coordinator Amos Hochstein and UAE Minister of Industry and Advanced Technology and Special Envoy for Climate Change, Dr. Sultan Al Jaber.
UAE President Sheikh Mohamed was also present at the signing ceremony at the Abu Dhabi International Petroleum Exhibition and Conference (Adipec).
Stressing that Pace is a testament to the deep commitment both countries share to urgently address the climate crisis, Hochstein noted that they will now join forces to accelerate the global energy transition to a more sustainable future
The White House said that the US and the UAE also intend to work together to scale up the production of clean fuels in long-distance transport sectors like aviation and shipping in line with their goals to achieve net zero emissions by 2050.
They’ll also invest in the development of advanced nuclear technology, the management of harmful emissions like carbon dioxide and methane, the industrial and transport sectors’ decarbonization, and the mining, production, and processing of critical minerals and materials vital for clean energy production.
Noting that Pace will enable climate action while enhancing global energy security and affordability for both nations, Dr. Al Jaber emphasized that the energy transition needs a realistic, practical, and economically viable plan to deliver climate progress, energy security, and inclusive economic growth.
UAE Ambassador to the US, Yousef Al Otaiba, described Pace as a significant facet of the overall relationship with the US which is strengthened by decades-long close security, and economic and energy cooperation.
The White House praised the deal in a separate statement pointing out that Pace is just the latest demonstration of the deep strategic relationship the US shares with the UAE and of the broader commitment of Washington to promote economic prosperity, security, and stability in the Middle East.