UAE, US to develop 15GW of Renewable Energy Projects in US

UAE, US to develop 15GW of Renewable Energy Projects in US

The UAE and the US officials announced the formation of an Expert Group to govern the Partnership for Accelerating Clean Energy (PACE) at a briefing for business and climate leaders during Abu Dhabi Sustainability Week.

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, the bilateral body will be composed of private sector and government representatives from both countries.

Launched in November 2022, PACE’s goal is to catalyze $100 billion in financing, investment and other support and deploy 100 gigawatts (GW) of clean energy by 2035. It will cover a wide range of proven and emerging technologies, include private and public sector support, and reach broadly into developed and developing economies.

UAE and US officials announced $20 billion will be allocated to fund 15 new gigawatts (GW) of clean and renewable energy projects in the US before 2035, led by UAE’s Masdar and a consortium of US private investors.

This first wave of investments under PACE will be financed through $7 billion in cash equity from the private sector that will catalyze $13 billion through US debt financing and other instruments.

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