The United States and the United Arab Emirates signed a new clean energy framework on November 1 in Abu Dhabi. Today President Biden reaffirmed his deep commitment to ensuring the world’s clean energy future and long-term energy security as the United States and the United Arab Emirates announced a strong partnership to ensure a rapid and smooth transition to clean energy and away from fossil fuels. The US-UAE Partnership for the Acceleration of Clean Energy (PACE) is set to raise $100 billion in funding, investment, and other support and deliver 100 gigawatts of clean energy globally by 2035 to advance the energy transition and increase climate benefits.
PACE’s ambitious plan is built on four pillars: 1) Clean Energy Innovation, Distribution and Supply Chains, 2) Carbon and Methane Control, 3) Nuclear Power, and 4) Industrialization and Transportation.
The United States and the UAE will establish a team of experts to identify priority projects, remove potential obstacles, and measure PACE’s progress in achieving its goal of raising $100 billion in financing, investment, and other support and deployment around the world. 100 gigawatts of clean energy.
Investing in Clean Energy in Emerging Economies
In addition to investing in the clean energy future of both countries, the two countries intend to promote climate action by actively pursuing and promoting investments in clean energy in emerging economies. The US and the UAE are well aware of the need to close the gap between developed and developing countries in investments and exports of clean energy to ensure that global efforts to reduce emissions are not disrupted. To help close the gap, the two countries intend to cooperate in prioritizing trade projects in developing and low-income countries as well as providing them with technical and financial assistance.
Promoting Transition to Clean Energy, Distribution and Supply Systems
The transition away from fossil fuels will depend on new and emerging technologies and the sustainable development of low-emission energy sources. Protecting the reliability of the supply chains necessary for new energy technologies to take off is also important. To make this possible, PACE aims to tap existing resources and expertise of the public and private sectors in the US and UAE and to accelerate investment and deployment of new technologies to lower costs. In addition, PACE plans to help facilitate investment in the mining, production, and processing of minerals and materials critical to clean energy production.
Reducing carbon dioxide and methane emissions
PACE seeks to promote existing and new technologies and methods to reduce hazardous emissions in the hydrocarbon sector. The US and the UAE will take the lead in increasing investment in technologies to mitigate fossil fuel emissions, as decarbonized hydrocarbons will be a source of hydrogen production and a contribution to durable and consumer goods. The two countries will contribute to the deployment and further development of new technologies for carbon capture, use, and storage, in addition to measuring and reducing greenhouse gas emissions throughout the hydrocarbon value chain. PACE also seeks to make methane elimination the world’s “fastest reduction plan” for the next decade.
Promoting advanced nuclear power as a clean energy solution
PACE supports the full implementation of nuclear cooperation between the US and the UAE. Safety, security, and regulatory oversight will be key areas of engagement. Nuclear energy can drive decarbonization in the energy sector and sectors that are difficult to stop, such as heavy industry and heavy-duty transport, because it can be used to produce hydrogen, industrial heating, and water extraction, among other things.
Addressing Business and Transport Decarbonization
Reducing emissions in the industrial, long-haul and aviation sectors is not easy because clean energy installations are limited in these sectors. PACE will encourage investment and project-level collaboration, in addition to increasing demand for net-zero emission industrial products and helping to increase the supply of those products. The US and the UAE are looking to work together to increase the production of clean fuels in long-distance transport sectors such as aviation and shipping.