In a significant move, India and Saudi Arabia have signed a Memorandum of Understanding (MoU) during the MENA Climate Week in Riyadh. The agreement, inked between Shri R.K. Singh, the Union Minister for Power and New & Renewable Energy of the Government of India, and Mr. Abdulaziz bin Salman Al-Saud, the Minister of Energy of the Kingdom of Saudi Arabia, covers areas such as Electrical Interconnections, Green/Clean Hydrogen, and Supply Chains.
The primary objectives of this MoU are to facilitate cooperation in electrical interconnection, promote exchange of electricity during peak times and emergencies, co-develop projects, engage in the co-production of green/clean hydrogen and renewable energy, and establish secure and resilient supply chains for materials used in these sectors.
Both energy ministers also committed to organizing B2B Business Summits and regular interactions to foster complete supply and value chains in the specified areas of energy sector cooperation.
During the MENA Climate Week, Shri R.K. Singh emphasized India’s commitment to sustainability and its role as a leader in energy transition. He outlined India’s ambitious goals, including a 45% reduction in the emission intensity of GDP by 2030 and achieving Net Zero by 2070. He also highlighted India’s strides in renewable energy, power generation capacity, and the launch of the National Green Hydrogen Mission with an initial outlay of US $2.3 billion.
Shri Singh called upon MENA countries to join the Global Biofuel Alliance to advance international cooperation in sustainable biofuels and underscored the importance of collaboration in addressing the challenges and opportunities of the energy transition. He also invited the MENA region to join India’s initiative on Lifestyle for Environment (LiFE), emphasizing the role of sustainable behavior in achieving a greener future.
This MoU signifies a significant step in strengthening energy ties between India and Saudi Arabia and contributing to global efforts for a sustainable energy future.