Nov. 1 (UPI) — A partnership with the United Arab Emirates could bring in $100 billion in investments that would support as much as 100 gigawatts of clean energy projects, the White House said Tuesday.
U.S. delegates are in the UAE for the annual Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC), which runs through Nov. 3., speaking Monday about the importance of capital flows toward renewable energy.
By Tuesday, the U.S. government said it established a new partnership with the UAE, dubbed the Partnership for Accelerating Clean Energy,or PACE. Through that vehicle, both sides aim to draw in $100 billion in financing for renewable energy.
“Through PACE, the U.S. and UAE will focus on the scalable development of low-emission energy sources, with the goal of deploying 100 gigawatts of clean energy globally by 2035,” White House spokesperson Karine Jean-Pierre said.
PACE is focused on clean energy, carbon and methane abatement programs, nuclear energy and the decarbonization of both the industrial and transportation sectors. Both sides will form a panel of experts to identify and prioritize which projects will be included in the 100 GW goal.
The announcement came one day after the U.S. federal government opened up two areas in the Gulf of Mexico for would-be wind energy developers. The United States is far behind the rest of the world in terms of wind energy, but U.S. President Joe Biden aims to more than double the existing offshore capacity by 2030.
Both countries, meanwhile, are global leaders in the production of crude oil and natural gas. The UAE, however, said it’s invested more than $50 million over the last decade on global clean energy programs. It already hosts some of the largest solar projects in the world.
Next year, it plays host to the annual environmental summit of the United Nations, the so-called COPs. Given that, Sultan al-Jaber, the UAE’s special envoy for climate change and the head of the UAE’s state-run oil company, said it makes sense to partner up with the United States, which boasts the largest economy in the world.
“The UAE-U.S. Partnership for Accelerating Clean Energy will enable climate action while enhancing global energy security and afford ability for the people of the UAE, the U.S. and nations around the world,” he was quoted in the state-run news agency WAM as saying.
Delegates from both countries are headed to Egypt for COP27, which runs from Nov. 6 – Nov. 18.
