US and UAE sign $100Bln long-term investment deal for clean energy
The UAE says it will soon revise its energy strategy to align it with the goal of achieving climate neutrality by 2050
By News Desk - November 02 2022

(Photo Credit: Twitter/@MohamedBinZayed)

On 1 November, the UAE signed a strategic partnership with the US to invest $100 billion in producing 100 gigawatts of clean energy by 2035, according to the official Emirates News Agency (WAM).

While announcing the partnership, the two countries reaffirmed their commitment to “enhancing energy security and advancing progress in climate action.”

WAM claims the pillars of this partnership are “developing clean energy projects and financing solutions, strengthening supply chains … as well as reducing emissions in the industrial and transportation sectors.”

The President of the UAE, Sheikh Mohamed bin Zayed Al Nahyan, attended the signing ceremony along with the Minister of Industry and Advanced Technology, Sultan al-Jaber, and US special envoy Amos Hochstein.

“In line with the vision of the wise leadership to unify and join efforts to enhance global energy security … we are pleased to conclude this agreement, which is an essential possibility to achieve this goal, advance climate action efforts, and provide sustainable energy supplies at reasonable prices in each of the UAE, the USA and around the globe,” Jaber said.

While the UAE has boosted its investment in solar and nuclear energy, as well as blue hydrogen projects, it remains one of the world’s largest exporters of fossil fuels and is also accused of helping plunder Yemeni oil.

CNBC says Abu Dhabi has invested heavily in developing non-fossil energy sources, including building the world’s largest single-site solar power plant and the first nuclear power plant in the Arab world. The nation is set to host the 2023 UN Climate Change Conference.

Earlier this week, Emirati Energy Minister Suhail al-Mazrouei said Abu Dhabi would start revising its energy strategy at the beginning of 2023 to align it with the goal of achieving climate neutrality by 2050.

“In addition to targeting other markets in Europe and East Asia, we aspire to be at the forefront of nations’ clean hydrogen production with competitive advantages for blue and green hydrogen, and to build large-scale hydrogen and ammonia production facilities,” the Emirati official said.

Most Popular