The United States and the United Arab Emirates (UAE) have signed a "memorandum of understanding" to collaborate on ways to transition to clean energy, the U.S. Department of State (DOS) announced last week.
DOS Sec. Antony Blinken and the White House announced signing the Partnership for Accelerating Clean Energy (PACE) with the UAE on Nov 1. The clean-energy framework "will accelerate our transition toward clean energy and boost the economy with up to $100 billion in investments by 2035," Blinken wrote in a social media post at the time.
"This memorandum of understanding is an important step forward in our joint efforts to accelerate our collective movement toward clean energy," Blinken said.
White House Press Secretary Karine Jean-Pierre called PACE "a bold step toward the resilient, affordable clean energy future the world needs."
"Our new Partnership for Accelerating Clean Energy (PACE) will catalyze $100 billion in clean energy financing in both countries," Jean-Pierre said in the statement, "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."
Special Presidential Envoy for Climate John Kerry and UAE Special Envoy for Climate Dr. Sultan Ahmed Al Jaber will oversee the partnership to develop 100 gigawatts of clean energy by 2035, which consists of four pillars: the development of clean energy innovation and supply chains, managing carbon and methane emissions, nuclear energy, and industrial and transport decarbonization, CNBC reported.
“It is not oil and gas, or solar, not wind or nuclear, or hydrogen. It is oil and gas and solar, and wind and nuclear, and hydrogen,” Al Jaber said, according to CNBC. “It is all of the above, plus the clean energies yet to be discovered, commercialized and deployed.”
