UAE and US Agreed to Invest $100 Billion in Clean Energy Projects

Published on: 02 November 2022
by KnowESG
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The United States and the United Arab Emirates have agreed to spend $100 billion on clean energy projects to add 100 gigawatts globally by 2035, according to US Secretary of State Antony Blinken.

Blinken said in a statement that the two countries signed a memorandum of understanding in Abu Dhabi outlining the structure of the agreement.

"This memorandum of understanding is an important step forward in our joint efforts to accelerate our collective movement toward clean energy," Blinken said.

The UAE, an OPEC oil producer, and the US would give technical, project management, and financial help for commercially and environmentally viable energy projects in other nations under the programme.

"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.

The collaboration would "assemble and encourage" corporate and public sector funding and assistance for clean energy innovation, carbon and methane management, advanced reactors, including small modular reactors, and industrial and transport emission reductions, according to the statement.

"The energy transition needs a realistic, practical and economically viable plan to deliver climate progress together with energy security and inclusive economic growth," Sultan Al Jaber, UAE Minister of Industry and Advanced Technology and Special Envoy for Climate Change, said in the statement.

The initiative will also prioritise investments in responsible and resilient supply chains, as well as green mining and the production of minerals and materials critical to the energy transition.

Source: The Jakarta Post

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