Funding for renewables and new energy technologies
(sustainabilityenvironment.com) – “This memorandum of understanding is an important step forward in our joint efforts to accelerate our collective movement towards clean energy“. With these words the US Secretary of State Antony Blinken presented on November 1 the new collaboration between the United States and the United Arab Emirates (UAE) on renewables. A “Partnership for Accelerating Clean Energy” or PACE to use the English acronym, which will have the task of catalyzing 100 billion dollars of funding, investment and other economic support instruments. In detail, the two powers will provide technical, managerial and financial assistance to energy projects that are commercially and environmentally sustainable, both at “home” and abroad. With the ultimate goal of distributing at least 100 GW of new clean energy by 2035 globally. But it will not just be renewables.
The collaboration will also deal with technologies for the management of CO2 and methane and advanced nuclear reactors. The initiative, reports the news agency Reuters, will also focus on investing in responsible and resilient supply chains, the promotion of investments in green extraction and the production of minerals and materials vital for the energy transition.
“The new partnership – added the secretary – is based on our existing wide-ranging cooperation, led by the Special Presidential Envoy for climate John Kerry and the UAE Special Envoy for climate, Dr Sultan Ahmed Al Jaber, to improve global climate action and accelerate the transition to clean energy, including through our cooperation on the first global climate and clean energy summit in the Middle East in Abu Dhabi last year“.