For “clean energy” $100 billion partnership between Washington and Abu Dhabi
The United Arab Emirates and the United States signed an agreement on Tuesday to invest $100 billion in clean energy projects with 100 GW of production capacity, according to the official UAE news agency.
The Convention aims to enhance energy security, promote clean technology applications and support climate action, in line with their goals to achieve climate neutrality by 2050.
The IAEA explained that NEPAD aims “to expand investment in practical initiatives and promising technologies by focusing on four key pillars: clean energy innovation, finance, dissemination of solutions and techniques, and strengthening supply chains.
The rest of the pillars are carbon and methane emission management, advanced nuclear energy techniques such as small standard reactors and reducing industrial and transport sector emissions.
The partnership also aims to create opportunities for joint and economically viable investments in emerging and developing countries by focusing on driving global climate action.
Under the Convention, both sides will work to support sustainable energy projects that are economically and environmentally viable in developing countries by providing expertise, assisting in project management and providing financing.
The UAE and the United States will work within the framework of the Partnership’s four main pillars:
– Developing, financing and deploying clean energy projects in the UAE, the United States and other countries, investing in enhancing the flexibility and reliability of supply chains and stimulating investment in green mining for the production and processing of minerals and other materials needed to enable transition in the energy sector;
– Accelerate investment in conventional fuel emission reduction solutions, expand the development of carbon capture, use and storage techniques, and make progress in measuring and managing methane emissions, including enhancing the impact of domestic programmes to reduce methane emissions.
Upgrade the nuclear energy security and safety system, including the security of associated supply chains, and promote the use of nuclear energy as a sustainable source of clean energy and an essential driver in reducing carbon emissions.
A team of experts under this partnership will also be formed to meet every three months with a view to proposing priority projects to support their development and implementation within the partnership’s main pillars and to assessing progress in the implementation of priority projects.