The United Arab Emirates and the United States have signed a partnership to spur $100 billion of investments in clean energy projects and add 100 gigawatts of clean energy globally by 2035, state news agency WAM reported on Tuesday.
"Together, we will spur large-scale investment in new energy technologies, in our own countries, around the world and in emerging economies," US energy envoy Amos Hochstein said a statement carried on WAM.
The statement said the partnership would "assemble and stimulate" private and public sector funding and support for clean energy innovation, carbon and methane management, advanced reactors including small modular reactors, and industrial and transport decarbonisation.
Under the initiative, the UAE, an OPEC oil producer, and the United States would provide technical, project management and funding assistance for commercially and environmentally sustainable energy projects in other countries, reports Reuters.
"The energy transition needs a realistic, practical and economically viable plan to deliver climate progress together with energy security and inclusive economic growth," Sultan Al Jaber, UAE Minister of Industry and Advanced Technology and Special Envoy for Climate Change, said in the statement.
The initiative will also focus on investing in responsible and resilient supply chains, promoting investment in green mining as well as production of minerals and materials vital to the energy transition.