Launched in November 2022, the UAE-US Partnership for Accelerating Clean Energy (PACE) aims to catalyze $100 billion in financing, investment and other support and deploy 100 GW of clean energy by 2035. The initiative reflects the two countries’ shared commitment to advance the energy transition and encourage sustainable economic growth.
The UAE and US are taking climate action together, in line with their net zero 2050 goals. They share the view that the fastest and most reliable pathways to achieve net zero will require accelerating investment in clean energy technology and resources. Both countries recognize that a rapid, sustainable and well-managed energy transition is critical to addressing climate change, as well as to enhancing global energy security and accessibility.
Building on five decades of energy cooperation, the UAE and US established PACE to promote projects and new technologies that will quicken the energy transition and create economic opportunities. The initiative facilitates bilateral cooperation and commercial agreements in: 1) Clean energy innovation, deployment and supply chains; 2) Carbon and methane management; 3) Nuclear energy; and 4) Industrial and transport decarbonization.
Building on five decades of energy cooperation and partnership, the UAE and US have established PACE to quicken the energy transition and create economic opportunities. It will catalyze $100 billion in commercial investment and support across four priority areas: 1) clean energy innovation, financing, deployment and supply chains; 2) carbon and methane management; 3) nuclear energy; and 4) industrial and transport decarbonization.
Select projects under PACE include:
- In September 2024, UAE clean energy company Masdar announced the closing of its acquisition of a 50% stake in Terra-Gen, one of the largest independent renewable power producers in the US. This deal expands Masdar’s US renewables portfolio to over 3 GW of solar, wind and storage projects across California, Texas, New Mexico and Nebraska.
- Working with the US Government’s Power Africa initiative, UAE-based Averi Finance and AMEA Power will mobilize $10 billion, build 8 GW of renewable energy and connect 500,000 homes in sub-Saharan Africa to advance clean energy solutions.
- In September 2024, ADNOC announced a 35% stake in ExxonMobil’s proposed low-carbon hydrogen and ammonia production facility in Baytown, Texas. The facility aims to produce up to approximately 900,000 tons of low-carbon ammonia per year, enabling the transition to cleaner fuels in hard-to-abate sectors.
PACE will catalyze $100 billion to finance clean energy.
With a focus on elevating global climate action and ensuring a just transition, PACE aims to unlock joint investment and opportunities in emerging economies. As part of the initiative, the two nations will seek to provide technical or financial assistance to – or commercial investment in – developing countries.
