The US and the United Arab Emirates (UAE) have agreed to invest $100bn in clean energy projects with the goal to produce 100GW of clean energy worldwide by 2035.
The US-UAE Partnership for Accelerating Clean Energy (PACE) was signed in Abu Dhabi on 1 November.
The two countries will create an expert group to identify important projects and focus on removing potential hurdles.
In a statement, the US White House said: “PACE supports the full-scale implementation of the civil nuclear cooperation between the US and the UAE.
“Safety, security and regulatory oversight will be priority areas of engagement.
“Nuclear energy can drive decarbonization in the power sector as well as hard-to-abate sectors, such as heavy industry and heavy-duty transport, because it can be used to produce hydrogen, industrially process heat and desalinate water, among other things.”
In addition to investing in both countries’ clean energy development, the partners will focus on encouraging investment in clean energy in emerging economies.
They intend to prioritise commercial projects in developing and low-income countries, as well as provide technical and financial assistance for them.
To support the transition from fossil fuels, PACE will make use of available resources in the US and UAE, as well as expedite investment in new technologies.
The partners aim to help encourage investment in the mining, production and processing of critical minerals and materials needed for clean energy production.
The two countries will also focus on increasing the production of clean fuels in long-distance transport sectors such as aviation and shipping.
In addition, they will invest in fossil fuel emission abatement technologies, particularly decarbonised hydrocarbons.
In its statement, The White House said: “The two countries will give momentum to deploying and further developing new technologies for carbon capture, utilisation and storage, in addition to measuring and reducing greenhouse gas emissions across the hydrocarbon value chain.”