The Business Times

UAE and US to spur US$100b in clean energy projects: WAM

Published Tue, Nov 1, 2022 · 08:07 PM

THE United Arab Emirates (UAE) and US have signed a partnership to spur US$100 billion of investments in clean energy projects and add 100 gigawatts of clean energy globally by 2035, state news agency WAM reported on Tuesday (Nov 1).

“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 a statement carried on WAM.

The statement said the partnership would “assemble and stimulate” private and public sector funding and support for clean energy innovation, carbon and methane management, advanced reactors including small modular reactors, and industrial and transport decarbonisation.

Under the initiative, the UAE, an Opec oil producer, and the United States would provide technical, project management and funding assistance for commercially and environmentally sustainable energy projects in other countries.

“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 focus on investing in responsible and resilient supply chains, promoting investment in green mining as well as production of minerals and materials vital to the energy transition. REUTERS

A NEWSLETTER FOR YOU
Friday, 12.30 pm
ESG Insights

An exclusive weekly report on the latest environmental, social and governance issues.

BT is now on Telegram!

For daily updates on weekdays and specially selected content for the weekend. Subscribe to  t.me/BizTimes

Energy & Commodities

SUPPORT SOUTH-EAST ASIA'S LEADING FINANCIAL DAILY

Get the latest coverage and full access to all BT premium content.

SUBSCRIBE NOW

Browse corporate subscription here