UAE & US To Invest $100 Billion In Renewable Energy

The UAE and the US have signed a strategic partnership to accelerate the energy transition, advance shared climate goals, and strengthen global energy security.

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 on behalf of the UAE and the US.

The signing ceremony took place at ADIPEC, a global forum that brings together global energy leaders and pioneers to address energy security and secure adequate and sustainable energy supply at reasonable costs.

The UAE-US Partnership for Accelerating Clean Energy (PACE), which will catalyse US$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.

Dr. Sultan Al Jaber, UAE Minister of Industry and Advanced Technology, UAE Climate Change Special Envoy, ADNOC Managing Director and Group CEO said:

“The energy transition needs a realistic, practical and economically viable plan to deliver climate progress together with energy security and inclusive economic growth. 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.”

According to Yousef Al Otaiba UAE Ambassador,

“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.”

Amos Hochstein, Special Presidential Coordinator 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. 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.”

 

H.H. Sheikh Khaled bin Mohamed bin Zayed, Member of Abu Dhabi Executive Council and Chairman of Abu Dhabi Executive Office; H.H. Sheikh Hamdan bin Mohamed bin Zayed Al Nahyan; Sheikh Mohammed bin Hamad bin Tahnoun Al Nahyan, Advisor for Special Affairs at the Presidential Court; Khaldoon Khalifa Al Mubarak, Chairman of Abu Dhabi Executive Affairs Authority and Member of the Executive Council; and Yousef Manea Al Otaiba, UAE Ambassador to the United States, were also present.

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.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.

Building on five decades of energy cooperation and partnership, the UAE and US have established PACE to promote practical initiatives and promising technologies that can quicken the energy transition. It 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.

The Barakah Nuclear Power Plant, with three reactors online, will ultimately supply up to 25% of the country’s electricity demands from a carbon-free source. Other prominent UAE projects include the 5,000-MW Mohammed bin Rashid Al Maktoum Solar Park and the region’s first industrial-scale carbon capture, utilization, and storage (CCUS) facility, which catches 800,000 tons of CO2 and will be expanded sixfold 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.

Publish on W.Media
Author Info - W.Media
Share This Article
Other Popular Posts
yotta-nm1
South Asia News
October 7, 2022
THCDC-2022
Past Events
October 16, 2022