UAE, USA sign deal targeting $100 bln for clean energy
ABU DHABI, November 3, 2022 – The US and Emirati governments have signed a strategic partnership meant to spur USD 100 billion in investments in clean energy, targeting 100 GW of capacity by 2035.
Representatives on Tuesday announced the new Partnership for Accelerating Clean Energy, or PACE, which will see the partners co-operate on clean energy innovation and supply chains, carbon and methane emissions, nuclear energy and the decarbonisation of industry and transport.
The UAE is pursuing a comprehensive energy transition that will place it at the forefront of clean energy. While hydrogen and nuclear power are important avenues, solar power represents the core of the country’s energy strategy.
Its Energy Strategy 2050 targets 50% clean energy production in the mix by 2050 (44% renewable energy and 6% nuclear energy), with the remaining 50% to be covered by natural gas (38%) and clean coal (12%).