The United States and the United Arab Emirates (UAE) have announced that the first US$20bn of their US$100bn Partnership Accelerating Clean Energy (PACE) would be allocated to fund 15 GW of renewable energy projects in the United States before 2035. The investments will be led by the UAE energy company Masdar and a consortium of US private investors. It will be financed through US$7bn in private sector cash equity and US$13bn in US debt financing and other instruments. Launched in November 2022, PACE’s goal is to mobilise US$100bn in financing, investment and other support to deploy 100 GW of clean energy by 2035. It plans to cover a wide range of proven and emerging technologies, include private and public sector support, and reach broadly into developed and developing economies.
Simultaneously, the UAE’s Ministry of Energy and Infrastructure has signed a Memorandum of Understanding (MoU) with the UK’s Department for Business, Energy & Industrial Strategy (BEIS) to help facilitate the sharing of technical knowledge, advice, skills, and expertise, opening up new ways for cooperation on clean energy and climate. The MoU insists on bilateral cooperation in nuclear energy and low-carbon hydrogen.
The UAE government has also announced that it will invest US$30bn in South Korea’s nuclear power, defense, solar, and hydrogen industries. The investment will come from sovereign wealth funds, which include the UAE’s Mubadala Investment Company.
In addition, Masdar signed another MoU with four Dutch companies (Port of Amsterdam, SkyNRG, Evos Amsterdam and Zenith Energy) to develop green hydrogen supply chains from Abu Dhabi, where the UAE plans to produce the hydrogen, to the Netherlands and subsequently to Europe. The signing parties will explore several hydrogen transportation methods, with a focus on liquid organic hydrogen carriers and liquid hydrogen.
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