Team Blitz India
NEW DELHI: Union Minister for Power and New and Renewable Energy RK Singh and the Minister of Energy of Saudi Arabia, Abdulaziz bin Salman AlSaud, signed a Memorandum of Understanding (MoU) in the fields of electrical interconnections, green and clean hydrogen and supply chains. The MoU was signed on the sidelines of the Middle East and North Africa (MENA) Climate Week in Riyadh, according to a ministry press release.
The MoU aims to establish a general framework for cooperation between the India and Saudi Arabia in the field of electrical interconnection, exchange of electricity during peak times and emergencies, co-production of green and clean hydrogen and renewable energy; and also establishing secure, reliable and resilient supply chains of materials.
It was also decided that B2B Business Summits and regular B2B interactions between the two countries will be held to establish complete supply and value chains in areas of energy sector cooperation.
Earlier, an Indian delegation led by Singh participated in the high-level segment of the MENA Climate Week which is being held in Riyadh. Addressing a session on “Global Stocktake of the Paris Agreement Regional Dialogue, Singh said that India is taking significant steps to reduce emission intensity of its GDP by 45 per cent by the year 2030 and to achieve the goal of Net Zero by the year 2070.
The Union minister said that green hydrogen is a promising alternative for accelerating India’s energy transition. He 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 organisations.