The message from COP27 in Sharm El Sheikh is clear: The world must accelerate the transition to cleaner energy. It is the shortest path to Net Zero. To get there, we need to pick up the pace in creating global collaborations that deliver both economic and climate progress through pragmatic, realistic, practical, and commercially viable initiatives.
Announced in the lead-up to COP27, one of the largest and most ambitious collaborations of this kind is the new UAE-U.S. Partnership for Accelerating Clean Energy (PACE). Its goal is to catalyze $100 billion in financing and investment to deploy 100 new gigawatts (GW) of clean energy in the U.S., UAE, and emerging economies by 2035.
The PACE initiative addresses the reality that if the basic energy needs of billions of people are not met, economies will slow down significantly, impacting the resources made available for climate…