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 Nov. 1.
"Together, we will spur large-scale investment in new energy technologies, in our own countries, around the world and in emerging economies," U.S. 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 decarbonization.
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.
"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.
Recommended Reading
E&P Earnings Season Proves Up Stronger Efficiencies, Profits
2024-04-04 - The 2024 outlook for E&Ps largely surprises to the upside with conservative budgets and steady volumes.
U.S. Shale-catters to IPO Australian Shale Explorer on NYSE
2024-05-04 - Tamboran Resources Corp. is majority owned by Permian wildcatter Bryan Sheffield and chaired by Haynesville and Eagle Ford discovery co-leader Dick Stoneburner.
CEO: Coterra ‘Deeply Curious’ on M&A Amid E&P Consolidation Wave
2024-02-26 - Coterra Energy has yet to get in on the large-scale M&A wave sweeping across the Lower 48—but CEO Tom Jorden said Coterra is keeping an eye on acquisition opportunities.
Baker Hughes Awarded Saudi Pipeline Technology Contract
2024-04-23 - Baker Hughes will supply centrifugal compressors for Saudi Arabia’s new pipeline system, which aims to increase gas distribution across the kingdom and reduce carbon emissions
BP Restructures, Reduces Executive Team to 10
2024-04-18 - BP said the organizational changes will reduce duplication and reporting line complexity.