The United States and the United Arab Emirates signed a major new clean energy framework in Abu Dhabi – the Partnership for the Acceleration of Clean Energy (PACE). This memorandum of understanding is an important step forward in our joint efforts to accelerate our collective movement towards clean energy. It will catalyze $100 billion in financing, investment and other support, allowing us to accelerate toward our goal of deploying 100 gigawatts of clean energy by 2035.
PACE further deepens our strategic relationship with the UAE and reflects the broader US commitment to promoting economic prosperity, security and stability in the region. The new partnership builds on our existing broad collaboration, led by Presidential Special Envoy on Climate John Kerry and UAE Special Envoy on Climate Dr. Sultan Ahmed Al Jaber, to improve global climate action and accelerate the clean energy transition, including our collaboration at the first Comprehensive Middle East Climate and Clean Energy Summit in Abu Dhabi last year, our joint 2050 net zero goals, and our joint establishing and leading the Agricultural Innovation Mission for Climate, among other important efforts.
The United States is grateful to UAE President Sheikh Mohamed bin Zayed Al Nahyan for his leadership in advancing both initiatives and agreeing to host COP28 in 2023. Special Presidential Coordinator Amos Hochstein also played a significant leadership role in facilitating these negotiations.