UAE and US enter USD 100 bn agreement ahead of COP28: The US and the UAE have inked a USD 100 bn agreement the two are dubbing “PACE” (partnership to accelerate transition to clean energy). The pact aims to to boost green financing in both countries, according to a White House statement, and channel investment and “other support” to emerging economies. The goal is to scale drive the rollout of low-carbon energy with an eye to seeing an additional 100 GW of clean energy generation capacity built around the world by 2035.

What are the focus areas? PACE will “also invest in the management of harmful emissions like carbon and methane, the development of advanced nuclear technology, and the decarbonization of the industrial and transportation sectors,” the statement said. UAE state news agency WAM has more.

We think the focus on nuclear is spot on: Nuclear power absolutely has a role to play in our future energy mix, as we discussed last month.

PACE pillars: In a bid to move away from fossil fuels and ease the transition to clean energy, the partnership is built on four pillars of clean energy innovation along with deployment and supply chains, carbon and methane management, nuclear energy, and industrial and transport decarbonization, according to a fact sheet released by the White House.

Supporting new climate tech: The partnership will support investment in the extraction, production and processing of energy transition materials. Carbon sequestration and support for advanced nuclear energy is also on the cards, particularly for heavy industry and heavy-duty transport, as well as upscaling clean fuel production for long-distance transport.

Looking ahead to COP28: The partnership announcement comes less than a month after the UAE said next year’s gathering will be “the most significant climate conference since Paris.” We spoke with UAE Climate Change and Environment Minister Mariam Almheiri about the country’s preparations for COP28 in our first issue of Enterprise Climate.

Global media coverage: PACE is getting ink everywhere from The National in the UAE to CNBC in the United States.