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The United States and the United Arab Emirates (UAE) today signed an agreement on the energy transition.
The UAE-US Accelerating Clean Energy Partnership provides $100 billion in financing and other support for clean energy projects in the UAE, the US and other pending countries. The goal is to create 100 gigawatts of new energy.According to officials, the two countries will target the following areas Emirates News Agency.
- clean energy innovation
- supply chain
- Carbon and Methane Management
- advanced nuclear reactor
- decarbonization
Why it matters: The agreement was signed during the Abu Dhabi International Petroleum Exhibition and Conference, aka Adipec, which is happening in the UAE capital. The conference focused on the continued development of the oil and gas industry and the promotion of alternative energy sources – especially hydrogen.
United Arab Emirates Prioritize such partnership agreements On its foreign policy front, it has also signed several free trade agreements this year.
The agreement also shows that the UAE’s relationship with the United States has not been seriously damaged by the recent dispute. OPEC+ oil production cuts. US President Joe Biden has open criticism The United Arab Emirates is a member of the cartel to cut oil production in November. Saudi Arabia is the largest producer in OPEC+, dismissive of Biden’s remarks. The UAE and other members of the alliance have made public support saudi arabia.
“Only in the UAE can you have such a conference of the past and the future, and such a focus on bring innovation,” U.S. energy envoy Amos Hochstein, speaking at the ADIPEC event on the UAE’s role in the energy transition.
understand more: Oil prices could take a hit, an energy official told ADIPEC today $100 a barrel Soon again, according to Bloomberg.
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