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US, UAE Presidents Discuss Investment Partnership in Clean Energy

US, UAE Presidents Discuss Investment Partnership in Clean Energy

Thursday, 3 November, 2022 - 06:15
The virtual meeting between Emirati President Sheikh Mohamed bin Zayed Al Nahyan and US President Joe Biden on Wednesday (WAM)

UAE President Sheikh Mohamed bin Zayed Al Nahyan and US President Joe Biden reaffirmed on Wednesday the depth of the US-Emirati strategic relationship and addressed global challenges including energy security.


In a virtual meeting, the two leaders discussed the comprehensive UAE-US initiative announced on Thursday to accelerate investment in clean energy, advance shared climate goals and strengthen global energy security.


The partnership between both countries will mobilize $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.


The two Presidents welcomed the initiative and reaffirmed their shared commitment to enhancing climate ambition and climate action, in line with their net zero 2050 goals and ahead of COP27 in Egypt later this month and of COP28 in the UAE next year, according to Emirates News Agency, WAM.


They also 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 then 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.


Meanwhile, Sheikh Mohamed outlined the UAE’s significant ongoing investments to lower carbon impact on the energy sectors of both conventional and renewable energy.


He then expressed his country’s long-standing concern about the impacts of global warming, and 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.


The Emirati President briefed his US counterpart 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.


On Wednesday, Mohamed bin Zayed had witnessed the signing of a comprehensive strategic partnership between the UAE and the US to invest in clean energy.


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