The US and the UAE have signed an agreement that will help galvanize $100 billion in investments to develop 100 GW of clean energy globally by 2035, as the two oil producers seek to boost their renewables portfolios amid net zero emissions targets.
"The US-UAE Partnership for Accelerating Clean Energy (PACE) is set to catalyze $100 billion in financing, investment, and other support and to deploy globally 100 gigawatts of clean energy by 2035 to advance the energy transition and maximize climate benefits," the White House said in a Nov. 1 statement.