Saudi Arabia and the Netherlands signed a Memorandum of Understanding to develop clean hydrogen. This will help to accelerate the global effort to reduce carbon footprint.
The MoU was inked on the sidelines of the World Hydrogen Summit held in Rotterdam.
Abdulaziz bin Salman said during the event that the Netherlands would be the main destination for the transport of hydrogen from renewable sources in the Kingdom to Europe.
He also said that Netherlands and Germany will be Saudi Arabia’s “natural partners” in the green hydrogen trade. “You have a plan, you’re building pipelines and storages on the ground,” the minister told.
Green hydrogen will play a key role in catalyzing energy transition. It is also necessary to reach a green-gas-neutral economy before 2050 and help combat global warming.
Saudi Arabia is developing a green hydrogen project worth $5 billion in NEOM. The project will be powered by renewable energies and produce 650 tons of carbon-free hydrogen per day. The first production will take place in 2026.
The project exports hydrogen as liquid ammonia on the global market to be used as a biofuel for transportation systems.
In April, the Saudi Minister met with Dutch Minister of Foreign Affairs Wopke Hoekstra to discuss making Rotterdam a gateway for Saudi Arabian clean hydrogen exports to Europe.
The meeting touched on efforts made by the Kingdom to combat climate change and clean energy through local and regional frameworks, including the Saudi Green Initiative (SGI) and the Middle East Green Initiative.