Skip to content Skip to Search
Skip navigation

UAE and US allocate $20bn to fund 15GW renewable projects

Morocco solar Reuters
The investments will be led by UAE’s renewable energy firm Masdar and a consortium of US private investors

The UAE and the United States said that the first $20 billion of their $100 billion clean energy partnership will fund 15 new gigawatts (GW) of renewable energy projects before 2035, state-own WAM news agency reported.

The investments, led by the UAE’s renewable energy company Masdar and a consortium of US private investors, will be offered through $7 billion in private sector cash equity and $13 billion in US debt financing and other instruments.

Launched in November 2022, Partnership for Accelerating Clean Energy’s (Pace) goal is to catalyse $100 billion in the financing, investment and other support and deploy 100GWs of clean energy by 2035. It will cover a wide range of proven and emerging technologies, including private and public sector support, and reach broadly into developed and developing economies.

“Already one of the world’s largest renewable energy investors and developers, the UAE is joining forces with the US under Pace to supercharge a just energy transition, enhance energy security and demonstrate that climate action can unlock economic opportunities,” said UAE co-chair Sultan Al Jaber, Cop28 president-designate and Minister of Industry and Advanced Technology.

“The United States and the UAE enjoy a deep and consequential partnership, now strengthened further by our collaboration to advance clean energy innovation and deployment,” said US co-chair Amos Hochstein.

The formation of an expert group and work plan under Pace will help to build momentum toward impactful deliverables at Cop28 and beyond, he added.

Pace financing will support established renewable energy sources, such as solar and nuclear, and new applications like green hydrogen and carbon capture.

The partnership will prioritise efforts to deliver technical, project management and funding assistance for commercially and environmentally sustainable energy projects across the global south, WAM said.

Latest articles

An artist's impression of part of the Diriyah Square development

Diriyah Square planned for historic Riyadh district

A public space featuring 400 retail outlets and 100 restaurants and cafes is planned for the historic Riyadh district of Diriyah. Diriyah Square will be announced next week at the World Retail Congress in Paris and aims to attract a combination of international retail brands and local artisans.  Diriyah Gate Development Authority group CEO Jerry […]

Nature, Undersea cables account for as much as 90 percent of Europe-Asia telecommunications, Water

Iraq and Kuwait team up for European telecom corridor

Iraq’s Informatics and Telecommunication Public Company, a division of the Ministry of Communications, has signed an agreement with Kuwait’s Zajil Telecom to create a telecommunications corridor from the Gulf region to Europe, transiting through Iraq and Turkey. The new route will pass through Iraqi sea and land ports. Iraq’s minister of communications Hayam Al-Yasiri said […]

Passengers at Beijing Capital International Airport. Air China will fly from the airport to Riyadh three times a week.

Third Chinese airline to launch flights to Saudi Arabia

Air China is set to begin flights to Riyadh in May, becoming the third Chinese airline to establish a route to Saudi Arabia. It joins China Southern and Eastern Airlines in connecting China with the kingdom.  Air China’s Airbus A330-300 will serve the Beijing-Riyadh route three times a week. The expansion in capacity between the […]

Turkish crude steel output rose 25% year on year to 3.2 million tonnes in January

Turkish steel in the black but EU rules rankle

Turkey’s steel industry has rebounded strongly from a weak 2023, despite facing new emissions standards and competition for important markets.  Crude steel output rose 25 percent year on year to 3.2 million tonnes in January, with domestic consumption of finished steel reaching 3.5 million tonnes, a 20 percent increase.  Exports were also up, increasing 23 […]