New Delhi: India and Saudi Arabia on Sunday inked an initial pact to collaborate in the field of electrical interconnections, green/clean hydrogen and supply chains. The Memorandum of Understanding (MoU) aims to establish a general framework for cooperation between the two countries in the field of electrical interconnection and exchange of electricity during peak times and emergencies.
Besides, both the countries aim for 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.
According to a power ministry statement, India and Saudi Arabia signed the Memorandum of Understanding (MoU) in Riyadh on Sunday.
The MoU was signed between the visiting Union Minister for Power and New & Renewable Energy R K Singh and Minister of Energy, Government of Saudi Arabia, Abdulaziz bin Salman Al-Saud on the sidelines of the MENA Climate Week in Riyadh, it stated.
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.
Earlier, an Indian delegation led by Singh participated in the high-level segment of the Middle East and North Africa (MENA) Climate Week 2023, which is being held in Riyadh, Saudi Arabia during October 8 - 12, 2023.
The MENA Climate Week 2023, will discuss climate solutions ahead of COP28 and is being hosted by the government of the Kingdom of Saudi Arabia.
Addressing a session, Singh said that 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 said that the gathering at MENA CW holds great significance for the MENA region and collectively possesses immense potential in influencing the current and future narrative of energy transition.
Singh said green hydrogen is a promising alternative for accelerating India's energy transition. "... the government of India has launched the National Green Hydrogen Mission for harnessing hydrogen energy and has approved an initial outlay of USD 2.3 billion for this Mission."
The Minister called upon MENA countries to join the Global Biofuel Alliance, in order 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.
The Minister underlined that India firmly believes that all nations must recognize that the energy transition will have different challenges and opportunities for developing countries and the global south in particular.
Singh asserted at the MENA Climate Week that individual actions and sustainable behavioural choices are crucial to achieve the energy transition in a sustainable manner.
"In this regard, I call upon the MENA region to join India's initiative on Lifestyle for Environment (LiFE)," said the Minister.
The high-level GST (Global Stocktake of the Paris Agreement) regional dialogue at the Middle-East and North Africa (MENA) Climate Week will further serve as a platform to discuss the challenges, barriers, solutions and opportunities for enhancing climate action and support within the context of MENA and for enhancing international cooperation.
The GST allows countries to periodically take stock of the implementation of the Paris Agreement to assess the collective progress towards achieving the purpose of the Agreement and its long-term goals.
The first GST started in Glasgow in 2021 and will conclude at the climate change conference in Dubai, UAE (at COP 28).