How US election could impact UAE’s clean energy ambitions, $100B investment pact
US-UAE clean energy cooperation grew considerably during President Joe Biden, becoming a bright spot in relations as both countries played key roles in the global energy transition.
On Oct. 1, weeks before a US presidential election with major implications for global climate action, UAE clean energy company Masdar sealed one of its largest ever deals by acquiring a 50% stake in the American renewables firm Terra Gen.
The Masdar move reflects growing US-UAE clean energy investment during President Joe Biden’s tenure, headlined by the two countries launching the Partnership for Accelerating Clean Energy with a goal of marshaling $100 billion in financing, investment and other support to deploy 100 gigawatts of clean energy globally by 2035.
The White House has described the PACE pact, inked in late 2022, as a major achievement for Biden’s climate agenda, which is now imperiled by the looming possibility of a second Donald Trump presidency.
Although a win by Vice President Kamala Harris would presumably deliver continuity with Biden on climate action and Middle East policy in general, Trump has already promised to once again pull the United States out of the Paris Agreement, slash funding and generally dismantle Biden’s climate legacy.
