05 Dec 22Enviro Chat
What is the partnership ACCELERATING CLEAN ENERGY (PACE)?
17 November 2022Enviro Chat
The UAE and the USA have announced they will be joining forces to launch the Partnership for Accelerating Clean Energy (PACE), which has as its goal the generation of 100GW of additional clean energy across the globe by 2035. In order to achieve that ambitious target, the two countries will invest $100 billion in funds targeting clean energy and carbon emission abatement initiatives.
The agreement was signed in the UAE at the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC). Emirati president Sheikh Mohamed was in attendance at the event and witnessed the signature of the deal, while it was announced to the world via White House Press Secretary Karine Jean-Pierre at the beginning of November.
A timely agreement
Indeed, the timing of the announcement is significant given that it came just days before the COP27 Climate Summit got underway in Egypt. Scheduled to take place from the 6th to the 18th November, the Summit will welcome dignitaries and heads of state from governments all over the world, including US President Joe Biden and his Emirati counterpart.
As part of the agreement, both countries have agreed to set up an independent group of experts who will identify key projects worthy of investment, assess progress and remove obstacles to achieving the 100GW target. Through sharing their various experiences and diverse expertise, alongside the significant commitments they have made, the two countries believe they can take large strides towards guaranteeing energy security for all, while still meeting climate change objectives.
“Our new Partnership (PACE) will catalyse $100 billion in clean energy financing in both countries, as well as robust commercial investment and other support for the emerging economies whose clean development is both underfunded and essential to the global climate effort,” explained Jean-Pierre as she unveiled PACE on November 3rd.
Built on four pillars
As part of the announcement, the White House circulated a Fact Sheet containing key information about PACE, its objectives and its intended methods of working. Among other interesting points, this sheet outlined four pillars upon which the strategy is built:
- Clean energy innovation, implementation and supply chain development. PACE plans to draw on the knowledge and influence of both the public and private sectors in the UAE, the USA and other countries in order to find ever more efficient and economical means of generating clean energy.
- Carbon and methane emissions abatement. As well as pursuing renewable forms of energy which do not pollute the environment, PACE will also pour significant investment into technologies designed to mitigate the emissions produced by fossil fuel combustion, such as carbon capture storage and usage (CCSU).
- Nuclear energy. Both the UAE and the USA are in agreement that nuclear energy should be regarded as a clean and sustainable energy source that can help to meet the world’s growing energy demands going forwards.
- Decarbonisation of industry and transportation. PACE will look to incentivise uptake of breakthrough zero-carbon and low-carbon technologies in the industrial and transportation sectors, with particular attention paid to long-haul maritime and aviation transport.
The launch of PACE is certainly to be welcomed at a time when the world is gearing up for another Climate Summit where much is expected of both the host nation and the hundreds of politicians and policymakers who will be in attendance. With any luck, similar commitments will be made by other nations in the coming weeks.DOWNLOAD PDF
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