US, UAE investing $100B in clean energy projects

The United States and United Arab Emirates are partnering on an investment of $100 billion in clean energy financing in both countries, the White House announced on Tuesday.

The new Partnership for Accelerating Clean Energy (PACE) has the goal of deploying 100 gigawatts of clean energy globally by 2035 and is focused on the development of low-emission energy sources. 

PACE is built on four pillars: clean energy innovation, deployment and supply chains; carbon and methane management; nuclear energy; and industrial and transport decarbonization. The U.S. and UAE plan to set up an expert group to measure progress in achieving the goal to catalyze $100 billion in investment.

White House press secretary Karine Jean-Pierre said in a statement on PACE that Biden is preparing to travel to Egypt for COP27, the annual United Nations climate conference that starts on Nov. 6.

The UAE will be hosting COP28 in 2023, and Jean-Pierre said that Biden thanked UAE President Mohamed bin Zayed Al Nahyan for his leadership in the PACE initiative.

“The President appreciates the hard work by both countries to negotiate this important framework. This is just the latest demonstration of the deep strategic relationship our countries share, and of the broader U.S. commitment to promoting economic prosperity, security, and stability in the Middle East region,” Jean-Pierre said.