India and Saudi Arabia Forge Collaboration in Key Energy Sectors
MoU Signed for Electrical Interconnections, Green Hydrogen, and Supply Chains
TFP Bureau, New Delhi, Oct 09, 2023: India and Saudi Arabia have solidified their partnership in the realm of energy through a Memorandum of Understanding (MoU) signed in Riyadh. The agreement, inked on the sidelines of the MENA Climate Week, encompasses cooperation in Electrical Interconnections, Green Hydrogen, and Supply Chains.
The signatories of this pivotal MoU were Shri R.K. Singh, Union Minister for Power and New & Renewable Energy of the Government of India, and Mr. Abdulaziz bin Salman Al-Saud, Minister of Energy for the Government of Saudi Arabia.This MoU signifies a broader framework for collaboration between the two nations, intending to strengthen electrical interconnection, facilitate electricity exchange during peak periods and emergencies, jointly develop projects, co-produce green and clean hydrogen, promote renewable energy, and establish secure, dependable, and resilient supply chains for materials utilized in green hydrogen and the renewable energy sector.
Both energy ministers have agreed to hold regular B2B Business Summits and interactions to create comprehensive supply and value chains within the aforementioned areas of the energy sector. The signing of this MoU took place during the MENA Climate Week 2023, where a delegation led by Shri R.K. Singh, Union Minister for Power and New & Renewable Energy of the Government of India, participated. MENA Climate Week 2023 serves as a platform for discussions on climate solutions in preparation for COP28, and it is hosted by the Kingdom of Saudi Arabia. The event convenes diverse stakeholders to deliberate on crucial topics, including the Global Stocktake and the economic and energy security aspects of climate action in the context of the Paris Agreement.
During a session on “Global Stocktake of the Paris Agreement Regional Dialogue,” Shri R.K. Singh emphasized the significance of MENA Climate Week in shaping the future of global energy production, consumption, and sustainability. He highlighted India’s commitment to reducing the emission intensity of its GDP by 45% by 2030 and achieving Net Zero emissions by 2070. Shri Singh underscored India’s transformation in the energy sector, expanding renewable energy, ensuring household electrification, and implementing innovative policies.
Furthermore, Shri Singh advocated for green hydrogen as a promising alternative to expedite India’s energy transition. He announced India’s National Green Hydrogen Mission, backed by an initial investment of US $2.3 billion. Shri Singh extended an invitation to MENA countries to join the Global Biofuel Alliance, emphasizing the importance of international cooperation in sustainable biofuels. He also encouraged the adoption of India’s initiative on Lifestyle for Environment (LiFE) to promote sustainable behavioral choices.
The MENA Climate Week’s high-level GST (Global Stocktake of the Paris Agreement) regional dialogue aims to gather policymakers, stakeholders, and intergovernmental partners to discuss regional messages and enhance climate action within the MENA context. The GST periodically assesses global progress toward the goals of the Paris Agreement, considering mitigation, adaptation, means of implementation, equity, and the best available science.