The UAE and America form a committee to manage their strategic partnership to invest in clean energy

In a briefing to business and climate leaders during Abu Dhabi Sustainability Week today, the UAE and the United States of America announced the formation of a committee to manage the UAE-US Strategic Partnership for Investment in Clean Energy (PACE).

The committee will be co-chaired by Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology and Special Envoy for Climate Change for the UAE, and Amos Hochstein, US Presidential Coordinator for Energy Affairs.

The committee will include representatives from the government and private sectors from both countries.

The strategic partnership between the UAE and the United States was launched in November 2022 to invest $100 billion to implement clean energy projects with a production capacity of 100 gigawatts around the world by 2035, including a wide range of existing practical initiatives and promising technologies, as well as mobilizing and stimulating support. From the public and private sectors, spreading clean energy investments in both developed and developing economies.

The two sides announced that $20 billion will be allocated as a first stage to finance clean and renewable energy projects with a production capacity of 15 gigawatts in the United States before 2035, led by the leading Emirati company, Masdar, in the field of renewable energy, and a group of American investors from the private sector.

The value of the first financing installment of the strategic partnership (PACE) will be provided through $7 billion from the private sector and $13 billion through financing instruments such as debt securities.

Dr. Sultan Ahmed Al Jaber said: “Thanks to the leadership’s vision, the UAE is one of the largest investors and developers in the field of renewable energy globally, and we are pleased to cooperate with the United States of America within the framework of this strategic investment partnership (PACE), which contributes to strengthening the realistic, practical, gradual and fair transition process in the energy sector, ensuring the security of this vital sector, and demonstrating that climate action can unlock economic opportunity.

As the international community prepares to assess global climate progress in implementing the goals of the Paris Agreement during the COP28 Conference of the Parties hosted by the UAE, this multi-sectoral partnership is helping to bring about a paradigm shift to advance the goals of “mitigation” and “adaptation” by providing practical investments and spreading clean energy projects in All over the United States, the UAE and emerging economies around the world.

We are confident that this partnership provides a model for uniting efforts and cooperation that the world needs during COP28 to achieve qualitative progress in climate action.”

For his part, Amos Hochstein said: “The United States of America and the UAE enjoy a deep and close partnership, and it has now been further strengthened through our cooperation to drive innovation in the field of clean energy and its dissemination. While the United States is making historic investments in the field of clean energy at home, we are contributing.” "We are also in strategic collaboration to accelerate global investments that support energy affordability and climate action. The formation of the Expert Committee and the development of an Action Plan under the Strategic Partnership Framework (PACE) will help build the momentum needed for effective and impactful outputs during COP28 and beyond."

The members of the committee will meet on a monthly basis to provide the necessary guidance through the four strategic pillars of this partnership, namely: 1

- Innovation in clean energy, financing, dissemination of solutions and technologies, and strengthening supply chains.

2 - Managing carbon and methane emissions.

3- Advanced nuclear energy technologies such as small modular reactors.

 4- Reducing emissions from the industrial and transport sectors.

Majid Al Suwaidi, Director General of the COP28 Bureau, was assigned the task of Vice-Chairman of the UAE side of the Committee of Experts, and David Livingston, Senior Adviser to the US Presidential Envoy for Climate Change, was assigned the task of Vice-Chairman of the US side of the Committee.

The two vice-chairs will be responsible for convening and chairing the monthly meetings of the expert committee, which includes a variety of Emirati and American institutions from the government and private sectors.

Funding from the strategic partnership (PACE) will support renewable energy sources such as clean solar and nuclear energy, as well as new innovations such as green hydrogen and carbon capture and storage technology.

In line with its focus on raising the level of climate action and ensuring a practical, realistic, just and gradual transition in the energy sector, the partnership will give priority to providing technical, administrative and financing assistance to environmentally and commercially sustainable energy projects in the countries of the South.

The Committee of Experts will support the two chairmen of the Committee from both sides and key decision makers in managing and activating the partnership. It will also work to achieve the goals of the partnership by following up the progress made, proposing new projects, developing funding sources, setting standards for related initiatives, identifying potential partners, in addition to a set of tasks. other.

The UAE has a proven track record as one of the largest investors in clean and renewable energy projects in the United States.

Through Masdar, the leading Emirati company in the field of clean energy, the UAE has supported ten clean energy projects with a production capacity exceeding 1.75 gigawatts in the states of California, Texas, New Mexico and Nebraska.

These investments include the 149-MW Roxsprings wind farm in Valverde County, Texas, and the 29.9-MW Sterling wind farm in Lea County, New Mexico.

In the international arena, the UAE supports and implements clean energy projects on six continents, including 31 small island developing states in both the Caribbean Sea and the Pacific Ocean.

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