UAE, US strike deal for $100bn in clean energy projects By Reuters

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© Reuters. Solar panels are installed at the University of California, Merced Solar Farm in Merced, California, U.S., August 17, 2022. REUTERS/Nathan Frandino/File Photo

ABU DHABI (Reuters) – The United States and the United Arab Emirates have reached an agreement to spend $100 billion on clean energy projects with the aim of adding 100 gigawatts to the world by 2035, said US Secretary of State Antony Blinken on Tuesday.

The two governments signed a memorandum of understanding in Abu Dhabi setting out the framework for the agreement, Blinken said in a statement.

“This MoU is an important step in our joint efforts to accelerate our collective movement towards clean energy,” Blinken said.

Under this initiative, the United Arab Emirates, an OPEC oil producer, and the United States would provide technical assistance, project management and financing for commercially and environmentally sustainable energy projects in other countries. country.

“Together, we will spur large-scale investment in new energy technologies, in our own countries, around the world and in emerging economies,” US Energy Envoy Amos Hochstein said in a separate statement released by the US. state news agency WAM.

The statement said the partnership will “assemble and stimulate” private and public sector funding and support for clean energy innovation, carbon and methane management, advanced reactors, including small modular reactors, and industrial and transportation decarbonization.

“The energy transition needs a realistic, practical and economically viable plan to ensure climate progress as well as energy security and inclusive economic growth,” said Sultan Al Jaber, Minister of Industry and Advanced Technologies and envoy Special for Climate Change, in the press release.

The initiative will also focus on investing in responsible and resilient supply chains, promoting investment in green mining as well as the production of minerals and materials critical to the energy transition.

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