UAE and US in strategic partnership to invest $100bn in clean energy projects

© Provided by The National UAE and US flags. Wam

The UAE and the US signed a strategic partnership to invest $100 billion to produce 100 gigawatts of clean energy globally by 2035, according to a tweet by state news agency Wam on Tuesday.

The agreement was signed in the presence of UAE President Sheikh Mohamed.

“Our new Partnership for Accelerating Clean Energy (PACE) will catalyse $100bn in clean energy financing in both countries, as well as robust commercial investment and other support for the emerging economies whose clean development is both underfunded and essential to the global climate effort,” the White House said in a separate statement.

The two countries will also invest in the management of harmful emissions like carbon and methane, the development of advanced nuclear technology, and the decarbonisation of the industrial and transportation sectors.

US President Joe Biden thanked Sheikh Mohamed for his leadership in “advancing the initiative and for hosting Cop28 next year”, according to the statement.

“This is just the latest demonstration of the deep strategic relationship our countries share, and of the broader US commitment to promoting economic prosperity, security and stability in the Middle East region,” the statement said.

More to follow…

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