US, UAE sign clean energy partnership
The agreement unlocks $100 billion in financing.
The United States and the United Arab Emirates (UAE) today signed an agreement on the energy transition.
The “UAE-US Partnership for Accelerating Clean Energy” unlocks $100 billion in financing and other support for clean energy projects in the UAE, US and other countries to be determined. The goal is to create 100 new gigawatts of such energy. The two countries will target the following sectors, according to the official Emirates News Agency.
- clean energy innovation
- supply chains
- carbon and methane management
- advanced nuclear reactors
- decarbonization
Why it matters: The agreement was signed during the Abu Dhabi International Petroleum Exhibition and Conference, aka ADIPEC, that is happening right now in the Emirati capital city. The meeting is focused on both the continued development of the oil and gas sectors as well as boosting alternative energy sources — particularly hydrogen.
The UAE prioritizes such partnership agreements in its foreign policy and has also entered into several free trade agreements this year.
