India and Saudi Arabia signed an initial agreement for cooperation in the fields of power interconnection, green hydrogen and supply chain. The MoU was signed by RK Singh, Union Minister for New and Renewable Energy and Power, Government of India, and Abdulaziz bin Salman Al-Saud, representing Saudi Arabia.
Objective of this MoU
The objective of this MoU is to provide cooperation between the two countries in the field of electricity interconnection; exchanging power during periods of peak demand and emergencies; co-development of projects; Co-production of green/clean hydrogen and renewable energy; and to establish a common framework to create a safe, reliable and robust supply chain of materials used in the green/clean hydrogen and renewable energy sector.
B2B Business Summit
B2B business summits and regular B2B interactions will be held between the two countries to establish complete supply and value chains in the above areas of energy sector cooperation.
Discussing solutions for Climate Week
Earlier, Union Minister for Power and New and Renewable Energy, Government of India, R.K. Singh participated in the high-level segment of the Middle East and North Africa (MENA) Climate Week 2023, which is being held in Riyadh, Saudi Arabia during October 8 – 12, 2023. MENA Climate Week 2023 will discuss climate solutions ahead of COP28.
Hosted by the Government of Saudi Arabia, this important event brings together a diverse group of stakeholders to discuss a variety of topics, including global stock assessments and economic and energy security aspects of climate action in the context of the Paris Agreement. It provides a valuable opportunity to share insights and best practices and develop ambitious climate strategies for the remainder of this critical decade.
World's Fifth Largest Economy
The Union Minister told the global community that India is one of the most important voices in the energy landscape in the world today and has emerged as a transformative country in the energy sector. India, home to about 17 percent of the world's population and the world's fifth largest economy, has the potential to reduce the emissions intensity of its GDP by 45 percent by 2030 and achieve net zero by 2070.
Global Biofuel Alliance
Minister Singh also invited MENA countries to join the recently launched Global Biofuels Alliance. The alliance, inaugurated during the G20 summit in New Delhi on September 9, comprises 19 countries and 12 international organisations, of which India, Brazil and the US are founding members. The alliance aims to facilitate cooperation in collaboration with international biofuels organizations to accelerate the development and deployment of sustainable biofuels, facilitate trade in biofuels, and more.