US, UAE sign major new clean energy framework PACE

03 Nov '22

1 min read

Pic: Shutterstock

The United States and the United Arab Emirates (UAE) signed a major new clean energy framework on November 1 in Abu Dhabi. The US-UAE Partnership for Accelerating Clean Energy (PACE) is set to catalyse $100 billion in financing, investment and other support and deploy globally 100 gigawatts of clean energy by 2035 to advance the energy transition and maximise climate benefits.

PACE’s ambitious plan is built upon four pillars: clean energy innovation, deployment and supply chains; carbon and methane management; nuclear energy; and industrial and transport decarbonisation.

Both sides will set up an expert group to identify priority projects, remove potential hurdles and measure PACE’s progress in achieving its goal of catalysing $100 billion, a White House fact sheet said.

In addition to investing in both countries’ clean energy futures, the two sides intend to elevate climate action by vigorously pursuing and encouraging investment in clean energy in emerging economies as well as offer them technical and financial assistance.

PACE plans to help facilitate investment in mining, production and processing of critical minerals and materials that are vital for clean energy production.

It seeks to encourage existing and new technologies and pathways to cut harmful emissions from the hydrocarbon sector.

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