United States and United Arab Emirates sign 100 billion in clean energy investments
The United Arab Emirates is the perfect fit for the United States. The Gulf country, a regional leader in clean and renewable energy, today closed a public investment deal worth more than USD 100 billion. The aim is to promote a clean energy production plan that will reach 100 gigawatts, according to the Emirati news agency WAM.
The agreement was signed on the sidelines of the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC), held in the Emirati capital. The agreement includes the signatures of Dr Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology, and Special Envoy for Climate Change and Presidential Coordinator Amos Hochstein, both representing their states.
"The energy transition needs a realistic, practical and economically viable plan to achieve climate progress along with energy security and inclusive economic growth. The UAE-US Partnership to Accelerate Clean Energy will enable climate action while improving global energy security and affordability for the people of the UAE, the US and nations around the world," the UAE minister told WAM at a press conference following the signing of the agreement.
The White House issued a statement welcoming the conclusion of the agreement. "Our new Partnership for Clean Energy Acceleration (Pace) will catalyze $100 billion in clean energy financing in both countries, as well as robust commercial investment and other support for emerging economies whose clean development is underfunded and essential to the global climate effort.
The US-UAE partnership does not start here. Both countries already had a clean energy development programme in place, taking advantage of the UAE's opportunities and capabilities in electrolysis energy production as well as its expertise in green hydrogen.
Years ago, the UAE embarked on a diligent venture to build the world's largest solar power plant. In the Al Dhafra region, the plant is expected to have a capacity of 2 gigawatts and to be ready by 2023. The Gulf country hopes to increase its production capacity to 5 gigawatts by 2030 through solar energy.
The Emirati plan is to have a clean energy mix led by solar, clean hydrogen and nuclear power. The UAE government recently activated its third nuclear power plant, which is expected to supply around a quarter of the UAE's domestic energy consumption.
Americas Coordinator: José Antonio Sierra
