UAE pledges $275 million for historic nuclear energy project
Along with partners from the US, Japan, and South Korea, UAE has promised its assistance for an investment of up to $275 million in a nuclear energy project in Romania. The UAE's investment will be used to deploy a NuScale Small Modular Reactor (SMR) in Romania with the help of the Emirates Nuclear Energy Corporation (ENEC). ENEC will help with critical areas including procurement, engineering, and project management by drawing on its experience building and running light water reactors. The Partnership for Accelerating sustainable Energy (PACE), a global project to encourage the adoption of sustainable energy, made this statement during the G7 Summit in Japan. US President Joe Biden. In order to install 100 additional gigawatts of renewable energy capacity by 2035, PACE was established at COP27 in Egypt in November 2022 with the goal of mobilizing $100 billion in funding, investments, and other types of support. After working together in the energy industry for many years, the ...