WASHINGTON, November 1, 2022—Today the United States joined with the United Arab Emirates in taking 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, 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.
Through PACE, the U.S. and UAE will focus on the scalable development of low-emission energy sources, with the goal of deploying 100 gigawatts of clean energy globally by 2035. Our countries will also invest in the management of harmful emissions like carbon and methane, the development of advanced nuclear technology, and the decarbonization of the industrial and transportation sectors.
The President thanks His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the UAE, for his leadership in advancing this initiative and for hosting COP28 in 2023.
The President appreciates the hard work by both countries to negotiate this important framework. This is just the latest demonstration of the deep strategic relationship our countries share, and of the broader U.S. commitment to promoting economic prosperity, security, and stability in the Middle East region. As the President prepares to travel to Egypt for COP 27, PACE also reflects our unwavering commitment to working closely with allies and partners to accelerate the clean energy transition and deliver the climate action our shared future depends on.
Source: White House Press