UAE, US ink $100 bn deal in clean energy projects
The UAE and the US have agreed to invest $100 billion to produce 100 gigatonnes of clean energy by 2035, Emirates News Agency (WAM) reported.
The new partnership aims to improve energy security, expand clean technology applications, and promote climate action.
It also aims to increase investment in practical initiatives and promising technologies by focusing on four main pillars: clean energy innovation, financing, dissemination of solutions and technologies, and supply chain strengthening; carbon and methane emissions management; advanced nuclear energy technologies such as small modular reactors; and emissions reduction in the industrial and transportation sectors.
Furthermore, by focusing on global climate action, the two countries hope to create opportunities for joint and economically viable investments in emerging and developing countries.
In the presence of the President of the UAE, Sheikh Mohammed bin Zayed, Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology and Special Envoy for Climate Change in the UAE, and Amos Hochstein, US Special Presidential Coordinator, signed the agreement on the sidelines of the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC 2022).
ADIPEC serves as a platform that brings together global energy leaders and pioneers to discuss energy security and ensure the provision of sufficient, sustainable supplies.