UAE and US share a billion-dollar partnership for accelerating clean energy and climate action
President HH Sheikh Mohamed bin Zayed is scheduled to depart for an official visit to the US today, the first since assuming the Presidency of the UAE. The trip is also important as it comes ahead of the heavily monitored US presidential election on November 5.
In November 2022, the UAE and US embarked on a deeper collaboration to fight climate change, fund clean energy technology and deepen bilateral cooperation. The UAE-US Partnership for accelerating Clean Energy (Pace) is going to mobilise $100 billion by 2035.
1. Carbon and methane management
2. Clean energy innovation, financing, deployment and supply chains
3. Nuclear energy
4. Industrial and transport decarbonisation
Elevating climate action and ensuring just energy transition
The billion-dollar Pace agreement represents a shared commitment by 2 major global energy producers to a responsible and ambitious energy transition. The UAE and US are taking climate action together, in an effort to meet their net zero 2050 goals.
Both countries share the opinion that the fastest and most reliable method to achieve net zero demands accelerating investment in clean energy technology and resources. They recognise the need for a rapid, sustainable and meticulously managed energy transition.
Focusing on elevating climate action and ensuring a just transition, the Pace agreement seeks to unlock joint investment and opportunities in emerging economies. The UAE and US are also focusing on providing technical or financial assistance to developing countries.
UAE-US commitment to urgently address climate change
The prime focus areas of the UAE-US partnership for accelerating clean energy (Pace):
1. Expand clean energy technologies
2. Capture harmful carbon emissions before they reach the atmosphere
3. Deepen bilateral cooperation
4. Promote zero-carbon advanced nuclear energy
5. Make transportation and industry more sustainable
6. Support developing countries in making a just transition to clean energy
Dr Sultan al-Jaber, UAE Special Envoy for Climate Change, earlier highlighted that for climate progress, energy security and inclusive economic performance, the energy transition needs a realistic, practical and economically viable plan.
“Pace is a testament to the deep commitment our countries share to urgently address the climate crisis – as quickly as possible,” according to Hochstein, a top national and economic security official in the Biden administration.
