USA and UAE signed a new Partnership for Accelerating Clean Energy (PACE) which is set to invest $100 billion in a new clean energy framework.
PACE is set to deploy 100 gigawatts of clean energy by 2035 globally to advance the energy transition and maximize climate benefits.
The statement states that PACE’s plan has four main pillars: Clean Energy Innovation, Deployment and Supply Chains, Carbon and Methane Management, Nuclear Energy, and Industrial and Transport Decarbonization.
The USA and the UAE will set up an expert group to identify priority projects, remove potential hurdles, and measure PACE’s progress in achieving “its goal of catalyzing $100 billion in financing, investment, and other support,” according to the statement.
The statement also said that investment is not going to be tied to only both countries’ clean energy futures but also to pursuing and encouraging investment in clean energy in emerging economies. Both countries are planning to work together to make commercial projects in developing and low-income countries a priority and also provide them with technical and financial assistance.
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