We have details on upcoming UAE, US PACE investments: The UAE and US are allocating USD 20 bn to fund 15 GW of new clean energy projects in the US before 2035, according to a Wam statement. This will be the first wave of investments to take place under the USD 100 bn partnership to accelerate transition to clean energy (PACE) agreement announced by the two countries in November, the statement adds.

How the funding will work: The investments will be led by Emirati clean energy firm Masdar and a consortium of US private sector investors, the statement notes. The aim is for USD 7 bn in cash equity from the private sector to unlock a further USD 13 bn through a variety of instruments, including US debt financing, it adds. This follows reports we picked up in mid-December that Masdar — already on an ambitious expansion drive — was eyeing participation in PACE.

REFRESHER- The overall goal of PACE is to spur USD 100 bn in green financing in the US and UAE, and channel investment to emerging economies, we noted in November. It’s targeting a scaled-up rollout of low-carbon energy — specifically, building an additional 100 GW of clean energy generation capacity globally by 2035 and building up supply chains. It’s also targeting particular investment in emissions management (specifically carbon and methane emissions), nuclear technology development, and decarbonizing industry and transport. These four areas are being termed PACE’s strategic pillars.

Who is heading up strategy? PACE will be directed by a newly-formed committee of public and private sector reps from the US and UAE, who will lead activities including progress tracking, proposing new projects, developing new financial models, and identifying potential partner institutions, Wam noted. Members will meet on a monthly basis to oversee the work taking place under the four strategic pillars, and the group’s co-chairs — newly-appointed COP28 President Sultan Al Jaber and US Special Presidential Coordinator Amos Hochstein — will meet with the group on a quarterly basis to assess impact, launch new projects, and expand support for the program.