Abu Dhabi, UAE – The UAE and US signed a partnership agreement on Tuesday to catalyse $100 billion of investment in renewable energies and clean technologies. It will accelerate the energy transition, advance shared climate goals and strengthen global energy security.
The agreement was signed by the UAE Minister of Industry and Advanced Technology and Special Envoy for Climate Change Dr. Sultan Al Jaber and Special Presidential Coordinator Amos Hochstein, in front of the UAE president Sheikh Mohamed bin Zayed Al Nahyan
The signing ceremony took place at ADIPEC, a global platform that brings together leaders and pioneers of the global energy sector to discuss energy security and ensure an adequate and sustainable supply of energy at appropriate costs.
The UAE-US Partnership for Accelerating Clean Energy (PACE), aims to produce 100 new gigawatts (GW) of clean energy in the two countries and emerging economies around the world by 2035.
At the event, the UAE and US reaffirmed their shared commitment to enhancing climate ambition and climate action, in line with their net-zero 2050 goals.
As part of the agreement, the two countries will assemble and stimulate private and public sector funding and support across four priority areas: Clean energy innovation, financing, deployment and supply chains; Carbon and methane management; Advanced reactors, including Small Modular Reactors (SMRs); and industrial and transport decarbonisation.
The UAE, a global leader in the energy transition, has invested more than US$50 billion over the past ten years in clean energy technologies and solutions around the world, building three of the largest and lowest-cost solar projects in the world. The UAE’s Peaceful Nuclear Energy Programme further emphasises the UAE’s energy diversification strategy.
With three reactors online, the Barakah Nuclear Power Plant will ultimately supply up to 25 percent of the country’s electricity needs from a carbon-free source.
Other notable UAE projects include the 5,000-MW Mohammed bin Rashid Al Maktoum Solar Park and the region’s first industrial-scale carbon capture, utilisation and storage (CCUS) facility, which captures 800,000 tons of carbon dioxide with plans to expand six-fold by 2030.
The UAE also is supporting and implementing clean energy projects on six continents, including in 31 small island-developing states in both the Caribbean and the Pacific Ocean. In the US, the UAE has backed eight clean energy projects totaling 1.6 GW across California, Texas, New Mexico and Nebraska.
These include investments in the 149-megawatt (MW) Rocksprings wind farm in Val Verde County, TX and the 29.9-MW Sterling wind farm in Lea County, NM. In Europe, the UAE has helped to develop the 630-MW London Array wind farm in the United Kingdom and the first-of-its-kind 30-MW Hywind Scotland floating wind farm.
The UAE also is home to the headquarters of the International Renewable Energy Agency (IRENA) and will host COP28 UAE, the Emirates Climate Conference in November 2023 at Expo City in Dubai.
As part of the PACE initiative, the two nations will seek to provide technical, project management and funding assistance for commercially and environmentally sustainable energy projects in third counties.
“The energy transition needs a realistic, practical and economically viable plan to deliver climate progress together with energy security and inclusive economic growth,”.Dr. Al Jaber, said: “The UAE-US Partnership for Accelerating Clean Energy will enable climate action while enhancing global energy security and affordability for the people of the UAE, the US and nations around the world.”
Ambassador Al Otaiba said: “Strengthened by decades of close security, economic and energy cooperation, the UAE-US partnership on climate action and the energy transition is now a significant facet of our overall relationship.”
“The UAE seeks to deepen cooperation across a range of initiatives with the US to maximise the multiple economic opportunities of the energy transition,” Al Otaiba added.
Amos Hochstein said “the US-UAE close and strategic alliance” will now join forces to accelerate the global energy transition to a cleaner and more sustainable future.
“PACE is testament to the deep commitment our countries share to urgently address the climate crisis – as quickly as possible,” Hochstein said. “Together, we will spur large-scale investment in new energy technologies, in our own countries, around the world and in emerging economies. PACE will help deliver a safe and reliable global energy system that can cleanly power the world for generations to come.”