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The United States and the United Arab Emirates are partnering on an investment of $100 billion in clean energy financing in both countries. The new Partnership for Accelerating Clean Energy (PACE) has the goal of deploying 100 gigawatts of clean energy globally by 2035 and is focused on the development of low-emission energy sources.
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PACE is built on four pillars: clean energy innovation, deployment, and supply chains; carbon and methane management; nuclear energy; and industrial and transport decarbonization. The U. and UAE plan to set up an expert group to measure progress in achieving the goal to catalyze $100 billion in investment.
Why it matters
The UAE will be hosting COP28 in 2023 and is looking to lead the way in green energy, especially with GCC counterpart Saudi Arabia pushing ahead with many projects under its Vision 2030 mission. Under the initiative, the UAE, an OPEC oil producer, and the United States would provide technical, project management, and funding assistance for commercially and environmentally sustainable energy projects in other countries.
