U.S. and UAE Signed Partnership to Invest $100B in Clean Energy

clean energy

U.S. Secretary of State Antony Blinken announced on Tuesday that the U.S and the United Arab Emirates have agreed to invest $100 billion in clean energy projects with the target of producing 100 gigawatts globally by 2035.

According to a joint statement released by both countries, the agreement was formalized with the signing of a memorandum of understanding in Abu Dhabi.

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

The plan requires the United States and the United Arab Emirates (UAE), both members of OPEC, to give financial and technical support for environmentally and commercially renewable energy projects in other nations.

“Together, we will spur large-scale investment in new energy technologies, in our own countries, around the world and in emerging economies,” said U.S. energy envoy Amos Hochstein, in a separate statement by the WAM state news agency.

In a press release, the White House celebrated the new agreement as a huge win for President Joe Biden’s climate plans.

“Today President Biden again demonstrated his deep commitment to ensuring a global clean energy future and long-term energy security as the United States and United Arab Emirates announced a robust partnership to ensure the swift and smooth transition toward clean energy and away from unabated fossil fuels,” according to the White House statement.

The plan will also support investment in green mining and the production of minerals and products crucial to the energy transition, as well as focus on building resilient supply chains.

Original source material for this article taken from here

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