US and UAE commits to invest $100 billion in clean energy projects

The US and the United Arab Emirates (UAE) have committed to invest $100 billion in renewable energy projects, with the goal of producing 100 GW of clean energy globally by 2035. On November 1, 2022, the US-UAE Partnership for Accelerating Clean Energy (PACE) was formally adopted in Abu Dhabi. The two countries will create an expert committee to identify key projects and focus on overcoming any roadblocks.

Reportedly, the partners will emphasise promoting investment in clean energy in emerging economies in addition to funding the development of clean energy in each of their respective countries. They want to prioritise commercial projects in low-income and emerging countries and to assist them both financially and technically. PACE will employ resources from the US and UAE as well as accelerate investment in new technologies to facilitate the transition from fossil fuels. 

The partners aim to promote investment in the mining, production, and processing of vital minerals and materials required for the creation of renewable energy. The two countries will also prioritise increasing the production of clean fuels in long-distance transport sectors such as shipping and aviation. Additionally, they will make investments in technology that reduce the emissions of fossil fuels, particularly decarbonised hydrocarbons.

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