New Delhi, October 09, 2023: India and Saudi Arabia have formalized a memorandum of understanding (MoU) to cooperate in the areas of electrical interconnections, green/clean hydrogen, and supply chains.The MoU, signed on October 8 in Riyadh, Saudi Arabia, was inked by India's Union Minister for Power and New & Renewable Energy, RK Singh, and Saudi Arabia's Minister of Energy, Abdulaziz bin Salman Al-Saud, on the sidelines of the MENA Climate Week 2023.
“This MoU aims to establish a general framework for cooperation between the two countries in the field of electrical interconnection; exchange of electricity during peak times and emergencies; co-development of projects; co-production of green/clean hydrogen and renewable energy; and also establishing secure, reliable and resilient supply chains of materials used in green/clean hydrogen and the renewable energy sector," said a statement from the ministry of power.
Both energy ministers have also agreed to promote B2B Business Summits and facilitate regular interactions between their countries to establish complete supply and value chains within the mentioned areas of energy sector cooperation.
Earlier, India's Power Minister, Raj Kumar Singh, led a delegation that participated in the high-level segment of the Middle East and North Africa (MENA) Climate Week 2023, taking place in Riyadh from October 8 to 12, 2023.Raj Kumar Singh emphasized India's growing role in the global energy landscape, particularly in energy transition. He highlighted the significance of green hydrogen in India's energy transformation and revealed the launch of the National Green Hydrogen Mission with an initial budget of US $2.3 billion.
“India having almost 17% of the world population and being the world’s fifth largest economy, is taking significant steps to reduce emission intensity of its GDP by 45% by the year 2030 and to achieve the goal of Net Zero by the year 2070," said Raj Kumar Singh, Minister of Power, India.
Singh also extended an invitation to MENA countries to join the Global Biofuel Alliance, aimed at fostering cooperation in advancing sustainable biofuels' development and deployment. In closing, the minister stressed India's belief in the unique challenges and opportunities presented by the energy transition for developing countries. He called for collective support and urged the MENA region to participate in India's Lifestyle for Environment (LiFE) initiative.
The high-level GST (Global Stocktake of the Paris Agreement) regional dialogue at the Middle-East and North Africa (MENA) Climate Week will further serve as a platform to discuss the challenges, barriers, solutions, and opportunities for enhancing climate action and support within the context of MENA and for enhancing international cooperation.The GST allows countries to periodically assess the collective progress towards achieving the purposes and long-term goals of the Paris Agreement. It was initiated in Glasgow in 2021 and will conclude at the climate change conference in Dubai, UAE (at COP 28).
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