India and Saudi Arabia Sign MoU in Electrical Interconnections, Green Hydrogen, and Supply Chains

India and Saudi Arabia Sign MoU in Electrical Interconnections, Green Hydrogen, and Supply Chains
India and Saudi Arabia Sign MoU in Electrical Interconnections, Green Hydrogen, and Supply Chains

India and Saudi Arabia Sign MoU covering Electrical Interconnections, Green Hydrogen, and Supply Chains. Discover their commitment to a sustainable energy transition.

New Delhi, October 9, 2023 – In a significant development, India and Saudi Arabia have inked a Memorandum of Understanding (MoU) today in Riyadh. The agreement covers key areas of cooperation, including Electrical Interconnections, Green Hydrogen, and Supply Chains. The signing ceremony took place on the sidelines of the MENA Climate Week in Riyadh, with Shri R.K. Singh, the Union Minister for Power and New & Renewable Energy representing India, and Mr. Abdulaziz bin Salman Al-Saud, the Minister of Energy for Saudi Arabia, sealing the pact.

Strengthening Electrical Interconnections

One of the primary objectives of this MoU is to establish a comprehensive framework for collaboration in the field of electrical interconnection. Both nations aim to enhance their capabilities in terms of electricity exchange during peak demand periods and emergencies. Additionally, they intend to jointly develop projects aimed at producing green and clean hydrogen, as well as renewable energy.

Green Hydrogen and Renewable Energy Production

The MoU also includes provisions for the co-production of green and clean hydrogen. As the world shifts towards sustainable energy sources, green hydrogen is emerging as a promising alternative to accelerate India’s energy transition. The Indian government has launched the National Green Hydrogen Mission, with an initial allocation of US $2.3 billion to harness the potential of hydrogen energy. This initiative signifies India’s commitment to cleaner and more sustainable energy solutions.

Secure and Resilient Supply Chains

Recognizing the importance of secure, reliable, and resilient supply chains for materials used in green hydrogen and the renewable energy sector, the MoU outlines plans to establish such supply chains. This collaboration aims to ensure a continuous and sustainable flow of essential materials, promoting the growth of the green and clean energy sectors.

Business Summits and B2B Interactions

To further strengthen cooperation, both nations have decided to conduct B2B Business Summits and regular B2B interactions. These events will facilitate the establishment of complete supply and value chains in the energy sector, fostering stronger ties between India and Saudi Arabia.

India’s Leadership in Energy Transition

During the MENA Climate Week, Shri R.K. Singh highlighted India’s significant role in the global energy landscape. With nearly 17% of the world’s population and ranking as the world’s fifth-largest economy, India is taking ambitious steps to reduce the emission intensity of its GDP by 45% by 2030. The ultimate goal is to achieve Net Zero emissions by 2070.

India has made substantial progress in enhancing its power generation capacity from non-fossil fuel sources. It has established a unified national grid, expanded access to energy, achieved 100% household electrification, and implemented innovative policies to promote renewable energy.

Global Biofuel Alliance and LiFE Initiative

Minister Singh also urged MENA countries to join the Global Biofuel Alliance to advance cooperation in sustainable biofuels. This alliance aims to intensify the development and deployment of sustainable biofuels, promoting trade in biofuels and fostering collaboration with international biofuels organizations.

Highlighting the importance of collective efforts, Minister Singh called for support and cooperation among nations, particularly in the global south, to address the challenges and opportunities of the energy transition. He encouraged the MENA region to participate in India’s initiative on Lifestyle for Environment (LiFE), emphasizing the importance of sustainable behavioral choices in achieving a sustainable energy transition.

MENA Climate Week and Global Stocktake

MENA Climate Week 2023 is a crucial platform for exploring and sharing opportunities to shape the future of energy production, consumption, and sustainability on a global scale. It plays a pivotal role in influencing the narrative of the energy transition in the current decade.

The high-level Global Stocktake of the Paris Agreement (GST) regional dialogue held during MENA Climate Week allows policymakers, stakeholders, and partners to discuss key messages from the region. This dialogue aims to shape the GST outcome and promote international cooperation in addressing climate challenges and enhancing climate action and support.

The GST provides countries with the opportunity to periodically assess progress in implementing the Paris Agreement’s goals. It covers mitigation, adaptation, means of implementation, and support, taking equity and scientific advancements into account. The first GST started in Glasgow in 2021 and will conclude at COP 28 in Dubai, UAE. The outcomes of the GST will inform parties about updating and enhancing their climate action and support.

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Conclusion

The MoU signed between India and Saudi Arabia represents a significant step towards collaboration in crucial areas of energy transition. With a focus on electrical interconnections, green hydrogen, and secure supply chains, both nations are poised to contribute to a sustainable and clean energy future. India’s leadership in energy transition and initiatives like the National Green Hydrogen Mission and the Global Biofuel Alliance underscore its commitment to a greener and more sustainable world.

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