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UAE, US sign new bilateral partnership agreement on clean energy
Abu Dhabi – united arab emirates [UAE] A joint bilateral partnership has been established with the United States and an expert group will be formed to manage the Partnership for Accelerated Clean Energy (PACE).
The new bilateral body will be led by Dr. Sultan Al-Jaber, UAE Special Envoy for Climate Change, and Amos Hochstein, US Special Coordinator for International Energy Affairs, and will include representatives from the private sector and governments of both countries.
Launched late last year, PACE aims to catalyze $100 billion in financing, investment and other support and deploy 100 gigawatts of clean energy by 2035. It will cover a wide range of established and emerging technologies and will have wide-ranging implications for both developed and developing economies.
Members of the group meet monthly to provide guidance on the four strategic pillars of clean energy innovation, deployment and supply chains, carbon and methane management, nuclear energy, decarbonization of industry and transport, and climate change.
“Already one of the world’s largest investors and developers of renewable energy, the UAE is joining forces with the United States under PACE to drive a just energy transition, strengthen energy security and demonstrate that climate action can unlock economic opportunity,” Al-Jaber said.
“As the international community prepares to take stock of global climate progress at COP28 in the UAE, this multi-sectoral partnership is a transformative step to advance mitigation and adaptation through pragmatic investment and deployment of clean energy projects in the US, UAE and UK. Emerging economies around the world. We believe this partnership will provide a new model of cooperation that unites global efforts to make meaningful progress on the road to COP28,” he said.
UAE and US officials announced on Sunday that $20 billion will be allocated to finance 15 new clean and renewable energy projects in the US through 2035, led by Abu Dhabi-based renewable energy company Masdar and US private investors.
Galloway Online
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