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Lab ChatThe Global News Source for the World of Science and Chemicals
17 November 2022
Enviro ChatThe UAE and the USA have announced they will be joining forces to launch the Partnership for Accelerating Clean Energy (PACE), which has as its goal the generation of 100GW of additional clean energy across the globe by 2035. In order to achieve that ambitious target, the two countries will invest $100 billion in funds targeting clean energy and carbon emission abatement initiatives.
The agreement was signed in the UAE at the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC). Emirati president Sheikh Mohamed was in attendance at the event and witnessed the signature of the deal, while it was announced to the world via White House Press Secretary Karine Jean-Pierre at the beginning of November.
Indeed, the timing of the announcement is significant given that it came just days before the COP27 Climate Summit got underway in Egypt. Scheduled to take place from the 6th to the 18th November, the Summit will welcome dignitaries and heads of state from governments all over the world, including US President Joe Biden and his Emirati counterpart.
As part of the agreement, both countries have agreed to set up an independent group of experts who will identify key projects worthy of investment, assess progress and remove obstacles to achieving the 100GW target. Through sharing their various experiences and diverse expertise, alongside the significant commitments they have made, the two countries believe they can take large strides towards guaranteeing energy security for all, while still meeting climate change objectives.
“Our new Partnership (PACE) will catalyse $100 billion in clean energy financing in both countries, as well as robust commercial investment and other support for the emerging economies whose clean development is both underfunded and essential to the global climate effort,” explained Jean-Pierre as she unveiled PACE on November 3rd.
As part of the announcement, the White House circulated a Fact Sheet containing key information about PACE, its objectives and its intended methods of working. Among other interesting points, this sheet outlined four pillars upon which the strategy is built:
The launch of PACE is certainly to be welcomed at a time when the world is gearing up for another Climate Summit where much is expected of both the host nation and the hundreds of politicians and policymakers who will be in attendance. With any luck, similar commitments will be made by other nations in the coming weeks.
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