The United Arab Emirates and the US signed a strategic partnership agreement to invest $100 billion in clean energy projects with a production capacity of 100 gigawatts by 2035, state news agency WAM reported on Tuesday.
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.
The two nations will also invest in the management of harmful emissions such as carbon dioxide and methane, the development of advanced nuclear technology and the decarbonization of the industrial and transport sectors.
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. The two countries will work together to priorities 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.
The move also supports full-scale civil nuclear co-operation between the US and the UAE as atomic energy can drive decarbonization in the power sector and other hard-to-abate segments such as heavy industry and heavy-duty transport. It can also be used to produce hydrogen, industrially process heat and desalinate water, among other things.
The UAE is investing Dh600 billion ($163.5bn) in clean and renewable energy projects over the next three decades as it aims to achieve net zero emissions by 2050.
No comments:
Post a Comment