The United Arab Emirates and the United States reach an agreement on a $100 billion clean energy project
On November 2, the governments of the United States and the United Arab Emirates announced the signing of a new clean energy framework agreement called the accelerated Clean Energy Partnership (PACE), Reuters reported.
According to the White House, the agreement is an important step in accelerating collective action towards clean energy, which will lead to $100 billion in financing and accelerate the goal of deploying 100GW of clean energy by 2035.
The agreement will give priority to sustainable energy projects in developing and low-income countries, with four pillars: clean energy innovation, deployment and supply chain, carbon and methane management, nuclear energy, and industrial and transport decarbonization. provide technical, project management and financial assistance. In addition, the agreement will focus on promoting green mining and investment in the production of minerals and materials that are critical to energy transformation.
"Energy transformation requires a practical and economically viable plan to achieve climate progress, energy security and inclusive economic growth," Sultan Jabir, UAE Minister of Industry and Advanced Technology and special envoy for climate change, said in a statement.
It is reported that although the United Arab Emirates is one of the world's major oil exporters, it has also invested heavily in non-fossil fuel energy, including the world's largest single solar power station and the first nuclear power plant in the Arab region.
