Abu Dhabi, UAE— The United Arab Emirates and the United States have signed the Partnership for Accelerating Clean Energy (PACE), which will catalyze $100 billion in financing and other support in addition to deploying 100 new gigawatts (GW) of clean energy in the US, UAE and emerging economies around the world by 2035.
UAE Minister of Industry and Advanced Technology and Special Envoy for Climate Change Dr. Sultan Al Jaber and Special Presidential Coordinator Amos Hochstein signed the Partnership at ADIPEC, a global platform that brings together leaders and pioneers of the global energy sector to discuss energy security and ensure adequate and sustainable supply of energy.
An official statement said the under the PACE, the UAE and US will develop, finance and deploy clean projects in the US, UAE and third countries; invest in responsible and resilient supply chains; and promote investment in green mining, production and processing of minerals and materials that are vital to the energy transition.
They will accelerate investment in fossil fuel emissions mitigation; further develop CCUS technologies and advance methane measurement and management, including enhancing domestic methane reduction programs.
The two countries will also engage in the areas of advanced reactors, including Small Modular Reactors (SMRs), and to promote nuclear power as a clean energy solution to drive decarbonization in the power sector as well as hard-to-abate sectors beyond electricity—for example, by producing cost-competitive, low-carbon applications to produce hydrogen, industrial process heat, and desalinated water that meet decarbonization goals, air quality standards, and clean water needs.
The other goal of the PACE is to encourage investment and collaboration toward decarbonization across all industrial sectors by 2030; scale up clean fuels in long-distance transport sectors such as aviation and shipping and promote electrification and energy efficiency as a key pathway to reducing emissions.
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.
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At ADIPEC, the UAE and US reaffirmed their shared commitment to enhancing climate ambition and climate action, in line with their net zero 2050 goals.
Looking ahead to COP27 in Egypt next month and to COP28 in the UAE next year, both countries will work together to advance their shared view that the fastest and most reliable pathway to achieve net zero will require accelerating investment in clean energy technology and resources.