UAE-US Expert Group leads bilateral clean energy collaboration
UAE and US authorities announced the creation of an Expert Group to administer the Partnership for Accelerating Clean Energy during a briefing for business and climate leaders held during Abu Dhabi Sustainability Week today (PACE). The bilateral body will consist of private sector and government representatives from both countries. It will be led by UAE Co-Chair Dr. Sultan Al Jaber, COP28 President-Designate; Minister of Industry and Advanced Technology and UAE Special Envoy for Climate Change, and US Co-Chair Amos Hochstein, US Special Presidential Coordinator.
PACE aims to catalyze $100 billion in funding, investment, and other assistance to install 100 gigawatts (GW) of sustainable energy by 2035. It will be launched in November 2022. It will encompass a vast array of established and upcoming technologies, incorporate backing from the commercial and governmental sectors, and extend to both developed and developing countries.
UAE and US authorities announced today that $20 billion would be given to build 15 additional gigawatts (GW) of clean and renewable energy projects in the US by 2035. These projects will be headed by UAE’s Masdar and a consortium of US private investors. This initial wave of PACE projects will be funded by $7 billion in private sector cash equity, which will accelerate $13 billion in US debt financing and other instruments.
“Already one of the world’s leading investors and developers in renewable energy, the UAE is joining forces with the United States under PACE to accelerate a just energy transition, improve energy security, and demonstrate that climate action can open economic possibilities,” stated Dr. Al Jaber. “As the international community prepares to assess global climate progress at COP28 in the United Arab Emirates, this multi-sectoral partnership is a transformative step to advance mitigation and adaptation through the pragmatic investment and deployment of clean energy projects across the United States, the United Arab Emirates, and emerging economies. We are sure that this alliance will establish a new paradigm of cooperation that will combine global efforts on the road to COP28 in order to make significant progress.”
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Amos Hochstein stated, “The United States and the United Arab Emirates share a profound and significant alliance, which is now deepened by our collaboration to drive clean energy research and implementation. As the United States makes historic investments in clean energy domestically, we also engage in strategic partnerships to advance global investments supporting energy affordability and climate action. The creation of an expert group and work plan under the auspices of PACE will assist in generating momentum for significant achievements at COP28 and beyond.”
The Expert Group will meet on a monthly basis to give guidance on the four strategic pillars of PACE: 1) Clean Energy Innovation, Deployment, and Supply Chains; 2) Carbon and Methane Management; 3) Nuclear Energy; and 4) Industrial and Transport Decarbonization. Quarterly, the Co-Chairs will convene with the whole Expert Group to assess impact, begin new projects, and increase PACE support.
Majid Al Suwaidi, Director General of COP28, and David Livingston, Senior Advisor to U.S. Special Presidential Envoy on Climate John Kerry, have been nominated as the UAE and American Deputy Co-Chairs of the Expert Group, respectively. Together, the deputy co-chairs will organize and preside over monthly meetings of the Group, which consists of governmental and commercial enterprises located in the United States and the United Arab Emirates.
PACE finance will assist both existing renewable energy sources, such as solar and nuclear, and emerging uses, such as green hydrogen and carbon capture. PACE will concentrate efforts to provide technical, project management, and finance support for economically and ecologically sustainable energy projects in the Global South, in keeping with its emphasis on enhancing climate action and ensuring a fair transition.
The Expert Group will assist the PACE Co-Chairs and key decision makers in putting the collaboration into action. The Group will work toward achieving PACE’s objectives by, among other things, monitoring progress, proposing new projects, building financing models, establishing criteria for pertinent efforts, and finding possible partner institutions.
The UAE is one of the most active investors in clean and renewable energy projects in the United States. Through Masdar, the UAE has supported eleven sustainable energy projects in California, Texas, New Mexico, and Nebraska totalling more than 1.75 GW. These include the 149-MW Rocksprings wind farm in Val Verde County, Texas, and the 29.9-MW Sterling wind farm in Lea County, New Mexico.
The UAE supports and implements sustainable energy projects on six continents, including 31 tiny island-developing republics in the Caribbean and Pacific Ocean.
UAE’s Transition to Greener Initiatives
John Kerry, the US climate envoy, stated that he had “strong expectations” that the UAE would prioritize the energy transition when it holds the United Nations Climate Conference, often known as Cop 28, later this year.
In an interview with The National, Mr. Kerry remarked, “The new president of the Cop, Dr. Sultan Al Jaber, made it very clear that this is a moment of change.”
UAE is cognizant that they are shifting away from gas and oil towards a new energy future.
The former secretary of state stated that the UAE’s leadership in the energy transition, including being the first in the region to build nuclear power and establish a net-zero aim, makes it well-suited to lead climate negotiations.
He stated, “They are committed to be leaders in this endeavor.”
As individuals prepare for [Cop 28], I have strong hopes that this problem will be brought to the forefront.
Dr. Sultan Al Jaber was named President-designate of Cop28 this week, which will be held in Dubai Expo City for 13 days beginning in November.
In an interview with Sky News Arabia, Mr. Kerry refuted allegations that a chief executive of a large oil and gas business should not be in charge of such an event.
PACE and the strategy
PACE aims to catalyze $100 billion in funding, investment, and other assistance to install 100 gigawatts (GW) of sustainable energy by 2035. It will be launched in November 2022. It will encompass a vast array of established and upcoming technologies, incorporate backing from the commercial and governmental sectors, and extend to both developed and developing countries.
UAE and US authorities announced today that $20 billion would be given to build 15 additional gigawatts (GW) of clean and renewable energy projects in the US by 2035. These projects will be headed by UAE’s Masdar and a consortium of US private investors. This initial wave of PACE projects will be funded by $7 billion in private sector cash equity, which will accelerate $13 billion in US debt financing and other instruments.
PACE finance will assist both existing renewable energy sources, such as solar and nuclear, and emerging uses, such as green hydrogen and carbon capture. PACE will concentrate efforts to provide technical, project management, and finance support for economically and ecologically sustainable energy projects in the Global South, in keeping with its emphasis on enhancing climate action and ensuring a fair transition.
The Expert Group will assist the PACE Co-Chairs and key decision makers in putting the collaboration into action. The Group will work toward achieving PACE’s objectives by, among other things, monitoring progress, proposing new projects, building financing models, establishing criteria for pertinent efforts, and finding possible partner institutions.
The UAE is one of the most active investors in clean and renewable energy projects in the United States. Through Masdar, the UAE has supported eleven sustainable energy projects in California, Texas, New Mexico, and Nebraska totalling more than 1.75 GW.
