India and Saudi Arabia signed a Memorandum of Understanding (MoU) in Riyadh on Sunday, underlining cooperation in the field of electrical interconnections, green hydrogen and supply chains. The MoU was signed by Union Minister for Power RK Singh and Saudi Energy Minister Abdulaziz bin Salman Al-Saud on the sidelines of the Middle-East and North Africa (MENA) Climate Week.
According to an official statement by the Union Ministry of Power, the MoU aims to establish a general framework for cooperation between both countries in 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.
"It was also decided between the two energy ministers that B2B Business Summits and regular B2B interactions between the two countries will be conducted to establish complete supply and value chains in the above-mentioned areas of energy sector cooperation," read the statement.
Earlier, an Indian delegation led by Singh participated in the high-level in the MENA Climate Week 2023 scheduled from October 8 to 12, 2023. The event will include discussions on climate solutions ahead of COP28 and brings together a diverse group of stakeholders to discuss many topics, including the Global Stocktake, and the economic and energy security aspects of climate action in the context of the Paris Agreement.
Addressing a session, Singh said that the MENA Climate Week is extremely important in exploring and sharing opportunities to shape the future of energy production, consumption and sustainability on a global scale.
He also underscored that India is one of the world’s most vital voices in the energy landscape, and has emerged as a leader in energy transition in current times. "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," he said.
"The country has made significant strides in enhancing power generation capacity from non-fossil fuels, established a unified national grid and has strengthened distribution network, promoting renewable energy, expanding access to energy and achieving 100% household electrification, and implementing innovative policies," the Union Minister further said.
He also called upon the member-states of MENA to join the Global Biofuel Alliance, established during the G20 Summit, to advance international cooperation in sustainable biofuels to realize the full potential of the Alliance. He said that the Alliance aims to facilitate cooperation in intensifying the development and deployment of sustainable biofuels, to facilitate trade in biofuels and much more, in collaboration with international biofuels organizations.
He also said that India firmly believes that all nations must recognize that the energy transition will have different challenges and opportunities for developing countries, particularly the Global South.
