A new UAE-US partnership will fight climate change, fund clean energy technology and deepen bilateral cooperation. In November 2022, the UAE and US launched the Partnership for Accelerating Clean Energy (PACE), which will mobilize $100 billion and deploy 100 new gigawatts (GW) of clean energy by 2035. The initiative represents a shared commitment by two major energy producers to a responsible and ambitious energy transition. In January 2023, UAE and US officials announced that $20 billion will be allocated to fund 15 GW of clean and renewable energy projects in the US before 2035. This first wave of investments under PACE will be financed through $7 billion in cash equity from the private sector that will catalyze $13 billion through US debt financing and other instruments.
In August 2023, ADNOC and Occidental signed a strategic collaboration agreement to evaluate potential investment opportunities in carbon dioxide capture and storage hubs in the UAE and US. With the help of PACE, both companies will work to develop carbon management platforms to accelerate net zero goals.