The United Arab Emirates and the United States of America announced that they will start allocating $20 billion as a first stage to finance clean and renewable energy projects with a production capacity of 15 gigawatts in America before 2035, as part of the UAE-US Strategic Partnership for Investment in Clean Energy (PACE).
According to a joint statement from the two countries, reported by the Emirates News Agency (WAM), yesterday evening, Sunday, the first phase of the strategy will be led by the Emirati company, Masdar, which specializes in the field of renewable energy, and American investors from the private sector, provided that the first financing payment is provided through 7 billion dollars. from the private sector and $13 billion through financing instruments such as debt securities.
The financing provided by the PACE partnership will support renewable energy sources such as solar and clean nuclear energy, in addition to new innovations such as green hydrogen and carbon capture and storage technology, and will give priority to providing technical, administrative and financing assistance to environmentally and commercially sustainable energy projects in the countries of the South (developing countries).
In November 2022, the UAE and the United States launched a partnership (PACE), which aims to invest $100 billion in implementing clean energy projects with a production capacity of 100 gigawatts around the world by 2035.
The UAE is among the largest investors in clean and renewable energy projects in the United States, as it has supported, through Masdar, 10 clean energy projects with a production capacity exceeding 1.75 gigawatts in the states of California, Texas, New Mexico and Nebraska.
Masdar - owned by three Emirati national energy companies - Abu Dhabi National Oil Company ADNOC, Mubadala Investment Company Mubadala and Abu Dhabi National Energy Company Taqa - aims to enhance its production capacity to reach 100 gigawatts of renewable energy, while the world is increasingly relying on clean energy to curb the resulting climate changes. global warming due to carbon emissions.
