UAE And U.S. Sign $100 Billion Deal For Clean Energy Projects

The two countries signed a memorandum of understanding in Abu Dhabi setting out the framework of the deal, Blinken said in a statement

The United States and the United Arab Emirates have reached an agreement to spend $100 billion on clean energy projects with a goal of adding 100 gigawatts globally by 2035, as per U.S. Secretary of State Antony Blinken. The two countries signed a memorandum of understanding in Abu Dhabi setting out the framework of the deal, Blinken said in a statement.

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 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.

(with inputs from Reuters)