U.S, UAE sign $100b deal to accelerating clean energy

 

ABU DHABI, UAE – The United States and the United Arab Emirates have signed a major new clean energy framework – the “Partnership for Accelerating Clean Energy” (PACE).

The deal was signed in in Abu Dhabi, UAE, will bring about $100 billion in investment in clean energy.

This memorandum of understanding, Secretary of State, Antony Blinken said  is an important step forward in our joint efforts to accelerate our collective movement toward clean energy.

“ It will catalyze $100 billion in financing, investment, and other support, allowing us to accelerate toward a goal of deploying 100 gigawatts of clean energy by 2035”, Blinken said.

PACE, he added further deepens our strategic relationship with the UAE and reflects the broader U.S. commitment to promoting economic prosperity, security, and stability in the region.

“The new partnership builds upon our existing wide-ranging cooperation, led by Special Presidential Envoy for Climate John Kerry and UAE Special Envoy for Climate Dr. Sultan Ahmed Al Jaber, to enhance global climate action and accelerate the clean energy transition, including through our cooperation on the first comprehensive Middle East climate and clean energy summit in Abu Dhabi last year, our shared 2050 net zero goals, and our joint founding and leadership of the Agriculture Innovation Mission for Climate, among other important efforts.

He said the United States is grateful to UAE President Sheikh Mohamed bin Zayed Al Nahyan for his leadership in advancing both this initiative and agreeing to host COP28 in 2023.  Special Presidential Coordinator Amos Hochstein also played a noteworthy leading role in brokering these negotiations.