The UAE and the US signed a strategic partnership to invest $100 billion to produce 100 GW of clean energy globally by year 2035.

The agreement was signed at the Abu Dhabi International Petroleum Exhibition and Conference in the presence of UAE President Sheikh Mohamed, state news agency Wam reported on 1st November.

Dr Sultan Al Jaber, Minister of Industry and Advanced Technology, and Special Envoy for Climate Change, and Special Presidential Co-ordinator Amos Hochstein signed the partnership on behalf of the UAE and the US, respectively.

“The energy transition needs a realistic, practical and economically viable plan to deliver climate progress, together with energy security and inclusive economic growth,” Dr Al Jaber said.

“The UAE-US Partnership for Accelerating Clean Energy [Pace] will enable climate action while enhancing global energy security and affordability for the people of the UAE, the US and nations around the world.”

At the event in Abu Dhabi, the UAE and the US reaffirmed their shared commitment to enhancing their climate ambitions and action, in line with their goals of achieving net zero emissions by 2050.

Both countries also recognised that a rapid, sustainable and well-managed energy transition is critical to successful climate action, as well as to enhancing global energy security and affordability, Wam reported.

“Our new Partnership for Accelerating Clean Energy will catalyse $100bn in clean energy financing in both countries, as well as robust commercial investment and other support for the emerging economies whose clean development is both underfunded and essential to the global climate effort,” the White House said separately.

The 2 nations will also invest in the management of harmful emissions such as carbon dioxide and methane, the development of advanced nuclear technology and the decarbonisation of the industrial and transport sectors.

US President Joe Biden thanked Sheikh Mohamed for his leadership in “advancing the initiative and for hosting Cop28 next year”.

“This is just the latest demonstration of the deep strategic relationship our countries share and of the broader US commitment to promoting economic prosperity, security and stability in the Middle East region,” the White House statement said.

As part of the partnership, the US and the UAE will set up an expert group to identify priority projects, remove potential hurdles and measure Pace’s progress in achieving its targets.

They will also seek to “bridge the gap between developed and developing countries in the investment in and deployment of clean energy to ensure global efforts to reduce emissions do not falter”, the White House said.

The 2 countries will work together to prioritise commercial projects in developing and poor countries, as well as support them with technical and financial assistance.

They will also focus on tapping into available resources and public and private sector expertise to expedite investment and introduce the latest technology as they push to reduce costs in clean energy projects in developing countries The US and the UAE will also work to channel investment into the mining, production and processing of critical minerals and materials that are vital for clean energy production.