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Thursday, Dec 1, 2022
Mugglehead Magazine
Alternative investment news based in Vancouver, B.C.

International

U.S. and UAE sign clean energy agreement to move away from fossil fuels

Promoting advanced nuclear energy will be one of the priorities established by the new agreement

U.S. and U.A.E. sign major new clean energy framework agreement in Abu Dhabi
Callaway nuclear power plant, Portland, Missouri, U.S. Photo by Michael Gattorna via Pexels.

Two powerful countries signed an agreement today to help promote the use of clean energy while gradually moving away from fossil fuels.

The newly signed clean energy framework agreement or so-called Partnership for Accelerating Clean Energy (PACE) will be a joint endeavour undertaken by the United States and United Arab Emirates.

The primary goals derived from the new partnership will be to acquire US$100 billion in financing, investments and other support and to deploy 100 gigawatts of clean energy internationally by 2035.

Read more: Investing in renewable energy today is a smart move, experts say

Read more: Canada investing in new ‘non-emitting’ nuclear power technologies: Minister of Natural Resources

According to a statement from the White House, the PACE plan will be built on four pillars. Namely, clean energy innovation, deployment and supply chains; carbon and methane management; nuclear energy; and industrial and transport decarbonization.

The signing ceremony for the new initiative took place at the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC) which is currently underway until November 3. The conference is intended to bring influential figures in the global energy sector together to help ensure sufficient supplies of sustainable energy at reasonable prices and to host discussions on energy security.

White House press secretary provides commentary

“Today the United States joined with the United Arab Emirates in taking a bold step toward the resilient, affordable clean energy future the world needs,” said Karine Jean Pierre, White House press secretary.

“Through PACE, the U.S. and UAE will focus on the scalable development of low-emission energy sources, with the goal of deploying 100 gigawatts of clean energy globally by 2035. Our countries will also invest in the management of harmful emissions like carbon and methane, the development of advanced nuclear technology, and the decarbonization of the industrial and transportation sectors,” added Jean-Pierre

“As the President prepares to travel to Egypt for COP 27, PACE also reflects our unwavering commitment to working closely with allies and partners to accelerate the clean energy transition and deliver the climate action our shared future depends on.”

Read more: Nikola Corporation lays out its hydrogen production plans ahead of Biden’s Inflation Reduction Act

Read more: Baseload Energy presents 5 uranium exploration plans in northern Saskatchewan

The UAE claims to have invested over US$50 billion in clean energy technologies and solutions globally over the past decade and is also constructing three of the world’s largest low-cost solar projects.

The White House says that both countries are well aware of the need to alleviate the level of inequality between developed and developing countries with regard to the deployment of clean energy. To assist with mitigating this problem, the U.S. and UAE intend to prioritize commercial projects in low-income and developing nations and provide those countries with financial and technical assistance.

UAE ambassador to the U.S. and American presidential coordinator also offer thoughts

“Strengthened by decades of close security, economic and energy cooperation, the UAE-U.S. partnership on climate action and the energy transition is now a significant facet of our overall relationship,” said Yousef Al Otaiba, UAE ambassador to the U.S.

Otaiba added that the UAE intended to cooperate with the U.S. for a range of initiatives that will help ensure several economic opportunities from the impending energy transitions.

“The U.S.-UAE close and strategic alliance will now join forces to accelerate the global energy transition to a cleaner and more sustainable future. PACE is testament to the deep commitment our countries share to urgently address the climate crisis – as quickly as possible,” said Amos Hochstein, U.S. presidential coordinator.

Hochstein added that PACE would help to ensure a reliable and safe global energy system that will be capable of cleanly and efficiently powering the world for many years to come.

 

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