Presidents of UAE, US meet virtually to discuss joint initiative to accelerate energy transition
November 2, 2022
President His Highness Sheikh Mohamed bin Zayed Al Nahyan, met virtually today with United States President Joseph R. Biden Jr. The two leaders reaffirmed the depth of the U.S.-UAE strategic relationship and addressed global challenges including energy security.
In the meeting, the two leaders highlighted the just announced comprehensive UAE-US initiative to accelerate the energy transition, advance shared climate goals and strengthen global energy security. Launched in Abu Dhabi yesterday by Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology & Special Envoy for Climate Change and Amos Hochstein, the Special Presidential Coordinator, the UAE-US Partnership for Accelerating Clean Energy (PACE) will mobilise $100 billion in funding and investment to deploy 100 new gigawatts of clean energy in the US, UAE, and emerging economies around the world by 2035.
In welcoming the PACE initiative, President Sheikh Mohamed and President Biden reaffirmed their shared commitment to enhancing climate ambition and climate action, in line with their net zero 2050 goals. Looking ahead to COP27 in Egypt later this month and to COP28 in the UAE next year, both countries recognized PACE as a significant catalyst to reach net zero by accelerating investment in clean energy projects, technologies, and resources. They noted the importance of a rapid and well-managed energy transition and its potential to create expanded economic opportunities and drive more sustainable growth.
Both leaders also shared their common interests in stabilizing the global energy market and in increasing their investments in renewable energy and pledged to deepen their close cooperation. President Sheikh Mohamed outlined the UAE’s significant ongoing investments to lower carbon impact on the energy sectors of both conventional and renewable energy.
President Sheikh Mohamed expressed the UAE’s long-standing concern about the impacts of global warming, particularly on countries like the UAE with long coast lines and severe climates. He noted the UAE’s leading role in the energy transition, expanding its own renewable energy capacity 200-fold over the last ten years which included building three of the largest and lowest-cost solar projects in the world. He briefed President Biden on the UAE’s funding and assistance for clean energy projects on six continents, including in 31 small island developing states in the Caribbean and the Pacific Ocean as well as a growing number of projects across the US.