Amidst the shifting tides of geopolitics and economics, partnerships between nations are essential catalysts for driving progress in critical sectors. One such area ripe for collaboration is renewable energy, where India and the United Arab Emirates (UAE) find themselves at the forefront of innovation and investment. Harnessing their strengths and synergizing efforts, a strategic tie-up between these two nations could revolutionize the renewable energy landscape, setting new benchmarks for sustainability and economic growth.
India and the UAE are collaborating closely in the renewable energy sector, according to a report by the UAE-India Business Council and Nangia Andersen. The report highlights the country’s commitment to renewable energy adoption through initiatives like the National Solar Mission and the Green Energy Corridor project. Besides, UAE’s Energy Strategy 2050 aims to increase the contribution of clean energy to its total energy mix.
The report also suggests future collaboration in areas like solar and wind power, advanced energy storage technologies, and smart grids. It also recommends bilateral collaboration in hybrid renewable energy systems, exploring new ocean and geothermal energy frontiers, and skilling manpower. Moreover, due to recent bilateral developments in renewable energy, cumulative capacity is expected to grow at a CAGR of 15.06% between 2022 and 2028. The UAE committed $75 billion in sovereign funds to India in October 2021 to promote clean energy.
India and the UAE stand as beacons of renewable energy ambition, with robust policy frameworks and ambitious targets driving their transition towards greener alternatives. India’s National Solar Mission and the Green Energy Corridor project underscore the government’s dedication to expanding renewable energy infrastructure and reducing dependency on fossil fuels. Similarly, the UAE’s Energy Strategy 2050 outlines ambitious goals to increase the share of clean energy in its total energy mix, signalling a firm commitment to sustainability and environmental stewardship.
One of the most promising avenues for collaboration between India and the UAE lies in the solar energy sector. Both countries possess abundant solar resources and have made significant strides in harnessing this potential through large-scale solar projects and innovative technologies. By joining forces, India and the UAE can leverage their expertise and resources to accelerate the development and deployment of solar energy solutions.
The prospects of a tie-up between India and the UAE extend beyond bilateral cooperation to influence the global renewable energy landscape. With the cumulative capacity of renewable energy projected to grow steadily in the coming years, collaborative efforts between these two nations can drive significant advancements in technology, policy, and investment. By fostering innovation and knowledge exchange, India and the UAE can inspire other nations to embrace renewable energy and contribute to a more sustainable future for future generations.
Furthermore, the memorandum of understanding (MoU) signed between India and the UAE in January 2023 underscores their shared commitment to advancing renewable energy agendas. Through initiatives such as developing green hydrogen and establishing an undersea cable connecting the two nations, India and the UAE are laying the groundwork for transformative partnerships that transcend geographical boundaries.
Over and above that, the prospects of a tie-up between India and the UAE for renewable energy projects are laden with potential and promise. These two nations can spearhead a global transition towards clean and sustainable energy sources by capitalising on their strengths, fostering innovation, and embracing collaboration. As they embark on this journey together, India and the UAE have the opportunity to redefine the contours of energy diplomacy and pave the way for a greener, more resilient future.
By Mr. Gautam Mohanka, CEO, Gautam Solar
