India, Saudi Arabia Partner on Clean Hydrogen
India and Saudi Arabia forged a significant memorandum of understanding (MoU) on Sunday, enhancing their collaborative efforts in the domains of electrical interconnections, green and clean hydrogen, and supply chains.
This momentous agreement was sealed during the visit of India's Power Minister, R.K. Singh, to Riyadh, where he engaged with Saudi Arabian Energy Minister Abdulaziz bin Salman Al-Saud on the sidelines of the MENA climate week.
The primary objective of this MoU is to lay down a comprehensive framework for cooperation between the two nations in the realm of electrical interconnectivity.
This includes facilitating electricity exchanges during peak demand periods and emergencies, co-developing projects, and joint production of environmentally friendly hydrogen and renewable energy. Furthermore, it aims to establish robust, dependable, and resilient supply chains for materials essential in the production of green hydrogen and renewable energy resources.
Both energy ministers also reached a consensus on organising business-to-business (B2B) summits and fostering regular B2B interactions between India and Saudi Arabia. These endeavours are designed to establish holistic supply and value chains within the aforementioned sectors of energy cooperation.
Minister Singh is currently leading a delegation at the MENA climate week, which is taking place in Riyadh from October 8 to 12, 2023. This event serves as a platform for discussions on climate solutions in the lead-up to COP28 and is hosted by the Kingdom of Saudi Arabia.
During a session themed "Global Stocktake of the Paris Agreement (GST) Regional Dialogue: Highlighting enablers and technologies for ambition and just and inclusive transitions" on the inaugural day of the MENA climate week, Minister Singh emphasised the event's significance in exploring opportunities and knowledge sharing to shape the global landscape of energy production, consumption, and sustainability.
He highlighted India's substantial commitment to reducing the emission intensity of its GDP by 45% by 2030 and striving to achieve Net Zero emissions by 2070, especially given India's status as the world's fifth-largest economy and its vast population.
Moreover, Minister Singh emphasised the pivotal role of green hydrogen in India's energy transition and unveiled India's National Green Hydrogen Mission, which has received an initial allocation of $2.3 billion.
He encouraged MENA countries to participate in the Global Biofuel Alliance, emphasising the potential for international collaboration in sustainable biofuels, promoting trade in biofuels, and other significant initiatives in tandem with international biofuel organisations.
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Source: Investing.com
